Mortgage News Jul 2009

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Prosecutors Target Sham Loan Fixers
Feds, 23 States File More Than 175 Lawsuits Against Loan Modification Consultants (Wed, 15 Jul 2009 21:00:06 GMT)

Ashburn Woman Sought In $50M Mortgage Scheme
Members of the Loudoun County Sheriff's Office and the Office of the Virginia Attorney General are on the hunt for an Ashburn woman indicted Monday in a $50 million mortgage scheme. (Wed, 15 Jul 2009 21:01:32 GMT)

Home loan modification companies targeted by Washington AG’s office
Five companies that promised to help homeowners with their home loans have been targeted by the Washington state Attorney General’s office. (Wed, 15 Jul 2009 21:49:52 GMT)

Loan-mod consultants indicted
Feds, 23 states act to stop sham loan modification firms preying on homeowners (Wed, 15 Jul 2009 22:02:29 GMT)

Agencies in nationwide mortgage modification sweep
Prosecutors filed 189 legal actions Wednesday against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. The nationwide sweep, called "Operation Loan Lies," involved the Federal Trade Commission, the U.S. attorney's office for the Central District of California, and 23 other agencies in 19 states: (Wed, 15 Jul 2009 22:27:32 GMT)

FTC, 19 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 22:44:14 GMT)

Far from over: New 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. (Wed, 15 Jul 2009 23:00:43 GMT)

Agencies in nationwide mortgage modification sweep
Prosecutors filed 189 legal actions Wednesday against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. The nationwide sweep, called "Operation Loan Lies," involved the Federal Trade... Sponsored Topics: Mortgage - Business - Loan modification - Mortgage modification - Financial Services (Wed, 15 Jul 2009 23:08:40 GMT)

Mortgage brokers face fraud charges
TRENTON — A Closter woman was among six mortgage brokers whose indictments on fraud charges were announced Tuesday by Attorney General Anne Milgram. (Wed, 15 Jul 2009 23:16:23 GMT)

FBI and HUD issue warning about 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 23:36:53 GMT)

Mortgage Choice eyes rival
HOME loans broker Mortgage Choice is reported to be close to buying Suncorp's LJ Hooker real estate agency business. (Wed, 15 Jul 2009 23:46:00 GMT)

State sues Green Brook man on allegations of loan fraud
The state has filed suit against a township man, his companies and a nonprofit organization he created, charging they sold fake loan modification and debt adjustment services to people facing financial problems. (Thu, 16 Jul 2009 02:06:25 GMT)

Loudoun Real Estate Agent Is Charged With Mortgage Fraud
An Ashburn real estate agent has been charged with several counts of mortgage fraud after helping more than 100 people buy houses they couldn't afford and defrauding lenders of about $50 million, the Loudoun County sheriff said yesterday. (Thu, 16 Jul 2009 04:00:00 GMT)

AG Targets Deceptive Mortgage Businesses
As part of 'Operation Loan Lies,' Attorney General Terry Goddard is cracking down on loan modification and mortgage companies here in Arizona by filing complaints for deceptive practices. (Thu, 16 Jul 2009 05:29:17 GMT)

State names 10 in mortgage fraud suits
State Attorney General Anne Milgram announced Wednesday two separate lawsuits charging 10 defendants with mortgage-related fraud. According to the lawsuits, filed on Friday, the companies promised to help modify mortgages for people struggling to keep their homes. (Thu, 16 Jul 2009 05:59:35 GMT)

FBI and HUD issue warning about 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. (Thu, 16 Jul 2009 06:09:16 GMT)

Loan shark with multimillion pound empire convicted of blackmail
A loan shark who built up a multimillion pound empire and left customers fearing for their lives has been convicted of blackmail. (Thu, 16 Jul 2009 06:38:10 GMT)

Home-loan modifiers, AG settle
The Colorado attorney general's office has reached agreements with seven loan-modification companies that failed to perform for consumers or engaged in deceptive practices. (Thu, 16 Jul 2009 07:07:13 GMT)

State goes after home-loan predators
The press release from the office of State Attorney General Rob McKenna on Wednesday minces no words. (Thu, 16 Jul 2009 07:18:46 GMT)

Bank of America Says Obama Mortgage Rescues Create ‘Confusion’
July 16 (Bloomberg) -- The Obama administration stokes “confusion and delay” among mortgage lenders when it announces anti-foreclosure plans before completing the program details, a Bank of America Corp. (Thu, 16 Jul 2009 08:00:02 GMT)

Community Briefs: Need mortgage or financial help?
Learn more about the state program called "Finally Home" for refinancing options by calling (312) 814-1700 or (888) 803-4663.. (Thu, 16 Jul 2009 10:04:26 GMT)

Madigan Lawsuit Over Mortgage Rescues
Illinois Attorney General Lisa Madigan was part of a nationwide crackdown on mortgage rescue and loan modification fraud. (Thu, 16 Jul 2009 10:26:30 GMT)

$50M Mortgage Fraud Suspect May Have Fled
Authorities are trying to track down a Loudoun County woman who they say orchestrated a $50 million mortgage fraud. (Thu, 16 Jul 2009 10:30:16 GMT)

Tracker mortgage rates may offer better value
Borrowers looking to take out a new mortgage may be better off opting for a tracker rate, which will rise and fall in line with the Bank of England base rate, rather than a fixed rate even though interest rates are at a historically low level. (Thu, 16 Jul 2009 11:01:09 GMT)

Bankrate: Mortgage Rates Show Little Change
The average 30-year fixed mortgage rate ended the week a hair lower at 5.58 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points. (Thu, 16 Jul 2009 11:30:00 GMT)

MGIC Posts Eighth Straight Quarterly Loss on Mortgage Defaults
July 16 (Bloomberg) -- MGIC Investment Corp ., the largest U.S. mortgage insurer, reported its eighth straight unprofitable quarter, posting a $339.8 million loss as the worst housing slump since the Great Depression caused more defaults. (Thu, 16 Jul 2009 11:34:26 GMT)

Want to refinance? Know the details
Do you want to refinance your mortgage under the Home Affordable Refinance program? Good luck. The plan is confusing and confounding. For example, under the program, lenders are supposed to refinance loans with mortgage insurance. But they are evasive about whether they will. (Thu, 16 Jul 2009 11:42:56 GMT)

Mortgage rates remain lower than last year
The average 30-year fixed mortgage rate ended the week a hair lower at 5.58 percent, according to Bankrate.com's weekly national survey. (Thu, 16 Jul 2009 12:14:59 GMT)

Refinance and save? Think again
Canadians thinking about taking advantage of historically low interest rates to refinance their mortgages should think twice, as many people are finding the penalties for breaking old mortgages are much higher than anticipated. (Thu, 16 Jul 2009 12:19:02 GMT)

Bankrate: Fixed Mortgage Rates Remain Nearly Flat
Bankrate: Fixed Mortgage Rates Remain Nearly Flat (Thu, 16 Jul 2009 12:28:03 GMT)

Gov't stepping up pressure on mortgage companies
A government official says the Obama administration is ramping up pressure on the mortgage industry to aid more homeowners on the verge of foreclosure. (Thu, 16 Jul 2009 13:30:20 GMT)

Bank of America Says Obama Mortgage Rescues Create ‘Confusion’
July 16 (Bloomberg) -- The Obama administration stokes “confusion and delay” among mortgage lenders when it announces anti-foreclosure plans before completing the program details, a Bank of America Corp. (Thu, 16 Jul 2009 13:49:11 GMT)

Home Savings parent company posts $2.9 million net loss
The parent company of Home Savings and Loan released its second quarter performance information Wednesday. United Community Financial Corp. announced a consolidated net loss of $2.9 million. (Thu, 16 Jul 2009 14:39:22 GMT)

Home-loan modifiers, AG settle
The Colorado attorney general's office has reached agreements with seven loan-modification companies that failed to perform for consumers or engaged in deceptive practices. (Thu, 16 Jul 2009 14:51:43 GMT)

Mortgage rates drop for third week; 30-year at 5.14%
Mortgage rates dropped for a third consecutive week, reaching their lowest level since late May, a move that bodes well for the hard-hit U.S. housing market. (Thu, 16 Jul 2009 15:10:37 GMT)

Mortgage rates fall again
Mortgage rates fall again (Thu, 16 Jul 2009 15:42:42 GMT)

Mortgage rates fall again
Rates for 30-year home loans dropped for the third-straight week, inching toward a record low reached earlier this year, Freddie Mac said Thursday. The average rate for 30-year fixed mortgages was 5.14 percent this week, down from 5.2 percent last week. Last... Sponsored Topics: Freddie Mac - Mortgage - Tax rate - Mortgage Rates Predictions - Low Mortgage Rate Refinance (Thu, 16 Jul 2009 15:53:38 GMT)

Wells Fargo Reports Loan Modification and Refinance Data
DES MOINES, Iowa----Wells Fargo announced today that in the first half of 2009, through lower rates, refinances and modifications, it alone has helped nearly one million American homeowners lower their mortgage payments or restructure their mortgage. (Thu, 16 Jul 2009 16:05:00 GMT)

Mortgage rates fall again
McLEAN—Rates for 30-year home loans dropped for the third consecutive week, inching toward a record low reached earlier this year, Freddie Mac said today. The average rate for 30-year fixed mortgages was 5.14 percent this week, down from 5.2 percent last week. Last year at this time, the average rate for a 30-year mortgage averaged 6.26 percent, Freddie Mac said. (Thu, 16 Jul 2009 16:06:56 GMT)

Mortgage rates little changed
Home mortgage rates saw an up-and-down week but ended almost unchanged, according to a report released Thursday. (Thu, 16 Jul 2009 17:07:23 GMT)

U.S. Mortgage Rates Fall to 5.14%, Freddie Mac Says (Update2)
July 16 (Bloomberg) -- Mortgage rates in the U.S. fell to the lowest since May as home-loan refinancings surged on lower borrowing costs. The average 30-year rate fell to 5.14 percent from 5.20 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. (Thu, 16 Jul 2009 17:52:21 GMT)

Obama turns up heat on mortgage servicers
As complaints mount about President Obama's foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers. (Thu, 16 Jul 2009 17:53:14 GMT)

Mortgage-Bond Holders Seeking Better Balance in Rescue Programs
July 16 (Bloomberg) -- Mortgage-bond investors want more homeowners to be given aid that reduces the size of their debt below the value of their property, a Fortress Investment Group executive will tell Congress. (Thu, 16 Jul 2009 18:09:04 GMT)

Mortgage rates continue to ease
Long-term mortgage rates fell for the third consecutive week. (FRE) (Thu, 16 Jul 2009 19:02:02 GMT)

Home loan seekers get creative
Facing stricter lending and government guidelines, those buying or refinancing a home have fewer options, but some are still out there. (Thu, 16 Jul 2009 19:49:05 GMT)

Mortgage rates continue to ease
Long-term mortgage rates fell for the third consecutive week. (FRE) (Thu, 16 Jul 2009 21:04:05 GMT)

Refinance Mess: Issues With HARP
Channel 2 Action News has heard several complaints from homeowners hitting obstacles as they attempt to refinance. (Thu, 16 Jul 2009 21:48:28 GMT)

Beckham's 1st home game with Galaxy is sellout
The Los Angeles Galaxy says its upcoming game against AC Milan is sold out for David Beckham's first home game of the season with the MLS team. (Thu, 16 Jul 2009 22:41:44 GMT)

Beckham's first home game with Galaxy is a sellout
The Los Angeles Galaxy says its upcoming friendly against AC Milan is sold out for David Beckham's first home game of the season with the MLS team. The club said on Thursday that the standing room only seats it put on sale last weekend for Sunday's match are completely gone. Beckham rejoined the Galaxy this week after completing a five-month loan with Milan a couple of months ago. He was set to ... (Thu, 16 Jul 2009 23:12:04 GMT)

Mortgage-Bond Holders Seek Borrower Debt Reductions (Update1)
July 16 (Bloomberg) -- Mortgage-bond investors want more homeowners to be given aid that reduces the size of their debt below the value of their property, a Fortress Investment Group executive told Congress. (Fri, 17 Jul 2009 00:41:33 GMT)

Beckham's first home game with Galaxy is sellout
CARSON, California (AP) -- The Los Angeles Galaxy says its upcoming friendly against AC Milan is sold out for David Beckham's first home game of the season with the MLS team. (Fri, 17 Jul 2009 01:31:44 GMT)

New Arizona law cracks down on loan modification companies
TEMPE, AZ -- Arizona lawmakers are cracking down on home loan modifiers who promise results for big bucks, but deliver nothing in return. Governor Jan Brewer just signed into law legislation requiring loan modification officers be licensed and have criminal background checks beginning July 2010. (Fri, 17 Jul 2009 02:00:33 GMT)

Former Mortgage Broker Gets Mortgage Makeover
In the down economy, many homeowners are struggling with staying current on their mortgage payments. Those who try to be proactive and negotiate a new deal before they go into foreclosure often run into problems. (Fri, 17 Jul 2009 03:56:01 GMT)

Friendship mortgage broker pleads guilty in fraud conspiracy
Robert Arakelian was a licensed mortgage broker for Pittsburgh Home Loans. He was part of a conspiracy that defrauded lenders of more than $1 million with inflated appraisals and false loan applications, prosecutors said. (Fri, 17 Jul 2009 04:02:35 GMT)

A New Way to Refinance Student Loan Debt
ASAPMortgage4u.com allows you to apply for refinance both your home mortgage and your student loan debt (Fri, 17 Jul 2009 07:01:00 GMT)

Mortgage fraud is expected to escalate
The FBI’s 2008 Mortgage Fraud Report is not this summer’s feel-good beach read. (Fri, 17 Jul 2009 09:10:17 GMT)

30-year mortgage rates drop for 3rd week to 5.14%
McCLEAN, Va. Rates for 30-year home loans dropped for the third-straight week, inching toward a record low reached earlier this year, Freddie Mac said yesterday. The average rate for 30-year fixed mortgages was 5.14 percent this week, down from 5.2 percent last week. Last year at this time, the average rate for a 30-year mortgage averaged 6.26 percent, Freddie Mac said. This week, the average ... (Fri, 17 Jul 2009 10:35:26 GMT)

Prepay mortgage principal, not interest
Dear Dr. Don, I have a 15-year mortgage which I pay every two weeks. I want to make a lump-sum payment of $10,000 on my loan. Should I apply it to interest or principal? (Fri, 17 Jul 2009 11:42:46 GMT)

Ashburn Woman Sought In $50M Mortgage Scheme
Members of the Loudoun County Sheriff's Office and the Office of the Virginia Attorney General are on the hunt for an Ashburn woman indicted Monday in a $50 million mortgage scheme. (Fri, 17 Jul 2009 12:18:07 GMT)

Mortgage rates drop for third week
Mortgage rates fell for the third consecutive week, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 5.14 percent for the week ending July 16, down from... (Fri, 17 Jul 2009 14:22:40 GMT)

Bennett woman sentenced for mortgage fraud
A Bennett woman has been sentenced to more than three years in prison for mortgage fraud, stemming from her work as an independent contractor for Highland Mortgage of Evergreen. (Fri, 17 Jul 2009 14:37:03 GMT)

Fovissste to Sell Mortgage Bonds in Coming Weeks, Perez Says
July 17 (Bloomberg) -- Fovissste plans to sell mortgage- backed bonds in the Mexican market in the coming weeks following its debut sale in June, Chief Administrator Manuel Perez Cardenas said. (Fri, 17 Jul 2009 15:59:19 GMT)

Fovissste to Sell Mortgage Bonds in the Coming Weeks (Update1)
July 17 (Bloomberg) -- Fovissste, Mexico’s second-largest mortgage originator, plans to sell mortgage-backed bonds in the local market in the coming weeks following its debut sale in June, Chief Administrator Manuel Perez Cardenas said. (Fri, 17 Jul 2009 18:37:18 GMT)

Business : Algosaibi Sues Al Sanea in US for Alleged $10 Billion Loan Fraud
NEW YORK - Saudi Arabia’s indebted family conglomerate Algosaibi sued Maan Al Sanea, the billionaire head of the Saad Group, for fraud in a case involving allegations of $10 billion in loan irregularities, according to court documents. (Fri, 17 Jul 2009 19:29:53 GMT)

Help Pay Off Hampton's Mortgage
The "Extreme Makeover: Home Edition" producers want to pay off Chris & Niki Hampton's mortgage on their old house. Here's how you can help. (Fri, 17 Jul 2009 22:47:00 GMT)

Home loan seekers get creative
Facing stricter lending and government guidelines, those buying or refinancing a home have fewer options, but some are still out there. (Fri, 17 Jul 2009 23:19:05 GMT)

Mortgage Apple Cakes
A New Jersey woman has cooked up an idea to save her home from foreclosure. Angela Logan of Teaneck is baking and selling her signature apple cakes in order to raise money to make her mortgage payment. She calls them Mortgage Apple Cakes. (Sat, 18 Jul 2009 01:15:01 GMT)

AG sues four over mortgage schemes
Illinois Attorney General Lisa Madigan has filed lawsuits against four companies alleged to be involved in fraudulent mortgage rescue schemes. The lawsuits are part of a national crackdown on rescue and loan modification fraud. (Sat, 18 Jul 2009 02:08:35 GMT)

The Nation's Housing: More Protections for Home Buyers at Closing
If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that takes effect July 30. (Sat, 18 Jul 2009 02:31:12 GMT)

New federal rules protecting applicants for home loans take effect July 30
The Federal Reserve regulations require lenders to provide consumers with initial disclosures of their mortgage costs within three business days of their loan applications, among other changes. If you're applying for a loan to buy a primary or secondary home, or planning to refinance, you should be aware of a little-publicized set of federal consumer-protection rules that take effect July 30. (Sat, 18 Jul 2009 02:41:58 GMT)

Cordray warns mortgage lenders
Mortgage lenders who promise to work with clients facing foreclosure and fail to follow up could find themselves in court. Ohio Attorney General Richard Cordray said today that he will soon sue mortgage lenders who violate consumer-protection laws. (Sat, 18 Jul 2009 03:24:04 GMT)

Garfield woman sentenced in mortgage fraud
Laurie Waltz has been sentenced in federal court to two years in prison for her conviction on bank fraud and money laundering charges filed following an investigation into a mortgage fraud scheme. (Sat, 18 Jul 2009 04:01:39 GMT)

New protections on home loans will take effect soon
WASHINGTON If you’re applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that take effect July 30. Among other key changes, the new Federal Reserve guidelines require lenders to provide you initial disclosures of your mortgage costs within three business days of your loan ... (Sat, 18 Jul 2009 04:09:25 GMT)

Avoidance won’t pay the mortgage
DEAR ANNIE: I have been living with “Lila” for less than a year. She owns her house, but can’t afford the mortgage payments. Instead of trying to work out an arrangement with the mortgage company, she opted to simply not pay the mortgage. I moved in and saved the house from foreclosure. I have caught up with the house payments and now make them every month. (Sat, 18 Jul 2009 05:06:06 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sat, 18 Jul 2009 05:47:11 GMT)

Chino Hills woman charged with home loan fraud
A Chino Hills woman has been arrested and charged with nine felonies for allegedly taking out $917,000 in home loans in another person's name without the person's knowledge. (Sat, 18 Jul 2009 06:26:22 GMT)

Chico mortgage scam victim sees light at end of tunnel
CHICO — A woman who paid thousands of dollars in fees earlier this year to refinance her Chico home, but discovered she was dealing with an alleged scam artist, said she's about to get her money back. (Sat, 18 Jul 2009 07:10:41 GMT)

Cordray warns mortgage lenders
Mortgage lenders who promise to work with clients facing foreclosure and fail to follow up could find themselves in court. (Sat, 18 Jul 2009 08:10:44 GMT)

More protections for mortgage borrowers at closing time
If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized... (Sat, 18 Jul 2009 09:11:35 GMT)

Mortgage refinancing boom builds banks' bottom lines
Even as banks remain cautious about lending and millions of borrowers still risk losing their homes, the mortgage business is returning as one of the most lucrative corners of the financial industry. (Sat, 18 Jul 2009 09:11:45 GMT)

Loan modification: What borrowers need to do before getting started
Homeowners worried about missing mortgage payments and entering foreclosure may have another option: a loan modification. Despite some signs of... (Sat, 18 Jul 2009 09:12:05 GMT)

Twin Lakes Playhouse invites public to mortgage burning
The Twin Lakes Playhouse invites the public to a mortgage-burning celebration at 6:30 p.m. Monday at the playhouse, 600 W. Sixth St. in Mountain Home. There will be free food, entertainment and games. (Sat, 18 Jul 2009 10:17:55 GMT)

Habitat chapter gets $500K loan
The Nevada County chapter of Habitat for Humanity has received a $500,000 loan to purchase and improve land for future home construction, Sen. Sam Aanestad's office announced this week. (Sat, 18 Jul 2009 11:26:15 GMT)

AG sues four over mortgage schemes
Illinois Attorney General Lisa Madigan has filed lawsuits against four companies alleged to be involved in fraudulent mortgage rescue schemes. The lawsuits are part of a national crackdown on rescue and loan modification fraud. (Sat, 18 Jul 2009 12:53:57 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. (Sat, 18 Jul 2009 15:37:54 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sat, 18 Jul 2009 15:48:22 GMT)

Black Paper To Take City Loan To Stay Open
The publisher of Boston's only black-owned newspaper says he'll accept a $200,000 loan from the city to avert the shutdown of the financially struggling weekly. (Sat, 18 Jul 2009 17:03:25 GMT)

Chino Hills woman charged with home loan fraud
A Chino Hills woman has been arrested and charged with nine felonies for allegedly taking out $917,000 in home loans in another person's name without the person's knowledge. (Sat, 18 Jul 2009 17:21:36 GMT)

Nevada County Habitat for Humanity chapter gets $500K loan
GRASS VALLEY - The Nevada County chapter of Habitat for Humanity has received a $500,000 loan to purchase and improve land for future home construction, Sen. Sam Aanestad's office announced this week. (Sat, 18 Jul 2009 19:58:54 GMT)

New federal rules protecting applicants for home loans take effect July 30
The Federal Reserve regulations require lenders to provide consumers with initial disclosures of their mortgage costs within three business days of their loan applications, among other changes. If you're applying for a loan to buy a primary or secondary home, or planning to refinance, you should be aware of a little-publicized set of federal consumer-protection rules that take effect July 30. (Sun, 19 Jul 2009 01:35:15 GMT)

Nevada County Habitat for Humanity chapter gets $500K loan
GRASS VALLEY - The Nevada County chapter of Habitat for Humanity has received a $500,000 loan to purchase and improve land for future home construction, Sen. Sam Aanestad's office announced this week. (Sun, 19 Jul 2009 02:13:40 GMT)

When should you consider a reverse mortgage?
Q: My mother owns her home and has no mortgage against it. Her house is worth much more now than when she and my father built it. She says that she does not ever intend to move. Should she consider a reverse mortgage? (Sun, 19 Jul 2009 03:03:04 GMT)

Federal mortgage rescue meets lackluster response, roadblocks
Four months after its roll-out, a federal program to stave off mortgage foreclosures has attracted a fraction of the nearly 4 million homeowners it hopes to rescue. (Sun, 19 Jul 2009 04:04:06 GMT)

Considering a home loan modification?
Lenders have been overwhelmed by callers seeking to modify their mortgages, leading to frustrations and delays. Here are some answers to frequently asked questions. (Sun, 19 Jul 2009 04:09:40 GMT)

Loan modification is an option for troubled homeowners
Homeowners worried about missing mortgage payments and entering foreclosure may have another option: a loan modification. Despite some signs of stability in the housing market, foreclosures remain a major obstacle to a meaningful recovery. And more borrowers in good standing are likely to miss their mortgage payments as the recession claims more jobs. (Sun, 19 Jul 2009 04:09:41 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sun, 19 Jul 2009 05:48:29 GMT)

Agencies clamp down on sham mortgage aid
LOS ANGELES — Prosecutors nationwide filed 189 legal actions last week against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. (Sun, 19 Jul 2009 06:13:20 GMT)

Shanghai Regulator Orders Banks to Obey Mortgage, Lending Rules
July 19 (Bloomberg) -- The Shanghai branch of China’s banking regulator ordered lenders to obey rules on mortgages for second homes and step up scrutiny on approvals after the nation’s total new lending tripled in the first half. (Sun, 19 Jul 2009 06:25:04 GMT)

New loan rules require appraisals, waiting period
If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that take effect July 30. (Sun, 19 Jul 2009 07:05:21 GMT)

Seattle's Federal Home Loan Bank in big money trouble again
The Seattle FHLB, a cooperative that lends money to its member banks at below-market rates, has accumulated $247 million in net losses over the past four quarters, mainly because of losses in its pile of mortgage-backed securities. (Sun, 19 Jul 2009 07:15:42 GMT)

Foreclosure's impact on your credit depends on many factors
If you don't pay your mortgage, you are going to take a hit on your credit score and possibly tie up your ability to get new credit for several years, experts say. But is one way better than another? (Sun, 19 Jul 2009 07:33:54 GMT)

Jocelyn Sapp's work helped put mortgage scammer behind bars
Jocelyn Sapp's work helped put mortgage scammer behind bars (Sun, 19 Jul 2009 07:35:55 GMT)

New loan guidelines protect buyers
If you're applying for a loan to purchase a primary or secondary home -- or planning to refinance -- be mindful of a little-publicized new set of federal consumer-protection rules that take effect July 30. (Sun, 19 Jul 2009 07:50:13 GMT)

Short circuit: Struggling homeowners opt for alternative in order to avoid foreclosure
Bill Ronne just needs to get out from under. The 57-year-old career carpenter is losing the two-story, two-bedroom house he bought last year in Lodi for about $165,000, along with his $18,000 down payment. He's never missed a mortgage payment, but he lost his job with a Madison remodeling contractor last July when business dried up and he hasn't been able to find new work. (Sun, 19 Jul 2009 08:32:43 GMT)

New rules to protect borrowers take effect on July 30
WASHINGTON – If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that take effect July 30. Among other key changes, the new Federal Reserve guidelines require lenders to provide you initial disclosures of your mortgage costs within three business days of your loan ... (Sun, 19 Jul 2009 09:11:44 GMT)

Ashburn Woman Sought In $50M Mortgage Scheme
Members of the Loudoun County Sheriff's Office and the Office of the Virginia Attorney General are on the hunt for an Ashburn woman indicted Monday in a $50 million mortgage scheme. (Sun, 19 Jul 2009 09:48:57 GMT)

Scam Alert: Be suspicious of foreclosure aid
THE SCAM: Foreclosure help HOW IT WORKS: As mortgage loans reset and refinancing options dwindl (Sun, 19 Jul 2009 10:46:55 GMT)

New rules require disclosure of mortgage fees
If you're applying for a loan to purchase a primary or secondary home, or planning to refinance, you should be aware of a little-publicized new set of federal consumer-protection rules that take effect July 30. Among other key changes, the new Federal... (Sun, 19 Jul 2009 11:10:00 GMT)

Fixed rate mortgage not always way to go
Q: Dear Rick: I have a 30-year fixed rate mortgage at 6 percent. I have approximately 25 years left on the mortgage. Even though my house has dropped in value I still have plenty of equity. I am a contract employee and my contract ends in 18 months. At that time, I plan to sell my home and move to Arizona. I also have a home there and I plan to retire. A friend suggested that I consider ... (Sun, 19 Jul 2009 11:14:38 GMT)

Fixed rate mortgage not always way to go
Q: Dear Rick: I have a 30-year fixed rate mortgage at 6 percent. I have approximately 25 years left on the mortgage. Even though my house has dropped in value I still have plenty of equity. I am a contract employee and my contract ends in 18 months. At that time, I plan to sell my home and move to Arizona. I also have a home there and I plan to retire. A friend suggested that I consider ... (Sun, 19 Jul 2009 11:15:06 GMT)

Nevada County Habitat for Humanity chapter gets $500K loan
GRASS VALLEY - The Nevada County chapter of Habitat for Humanity has received a $500,000 loan to purchase and improve land for future home construction, Sen. Sam Aanestad's office announced this week. (Sun, 19 Jul 2009 11:16:11 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sun, 19 Jul 2009 12:47:03 GMT)

Consider all alternatives before taking out reverse mortgage
Reverse mortgages allow senior citizens 62 and older to convert equity in their homes into cash. (Sun, 19 Jul 2009 18:59:59 GMT)

Should we clear our mortgage or are we better off with a savings account?
Q We have a repayment mortgage (interest and capital) which we have been overpaying for about three years, with no penalties. We now owe around £30,000, with about 12 years to go and are considering paying off around an extra £5,000 out of the £10,000 savings we have. We would like to try and clear the mortgage in the next few years if we can manage and both stay in work.  Is this a good idea?  ... (Sun, 19 Jul 2009 23:03:08 GMT)

Home loan affordability worsens as prices bounce
The BNZ Home Loan Affordability measure worsened in June from May, thanks to a slight rise in average fixed mortgage rates and an increase in the median house price. The rise in both house prices and interest rates helped increase the proportion of after-tax ... (Mon, 20 Jul 2009 00:26:15 GMT)

Mobile home owners hope to buy properties
GERMAN TWP. — Some residents of three mobile home parks currently in foreclosure want more control over their future. Dal-Mar, 1630 Baker Road; Rose Garden, 2744 Upper Valley Pike; and Happy Valley, 1750 Baker Road, are mobile home parks owned by Happy Valley Mobile Home Park LLC. Wells Fargo Bank, which holds the loan on the three properties, filed foreclosure actions in April, alleging Happy ... (Mon, 20 Jul 2009 01:38:21 GMT)

Beckham gets booed in home return with Galaxy
David Beckham is getting a rough reception in his first home game of the season with the Los Angeles Galaxy. (Mon, 20 Jul 2009 02:15:44 GMT)

West Virginia Area One Legion Baseball Schedule
With mortgage rates still near historic lows, now may be a good time to refinance. Fixed rates as low as 6.0%. *See terms. Full Story ›› Learn the top five signs of common mental health conditions, including depression, anxiety, obsessive compulsive disorder, and bipolar disorder. (Mon, 20 Jul 2009 02:46:00 GMT)

Beckham confronts fan in home return with Galaxy
David Beckham confronted a fan sitting in a section where negative banners about the Los Angeles Galaxy player were displayed during Beckham's first home game of the season Sunday night. (Mon, 20 Jul 2009 03:16:16 GMT)

Now could be the time for a mortgage transaction
First-time homebuyers and those thinking about refinancing are in a sweet place. (Mon, 20 Jul 2009 03:22:25 GMT)

Now could be the time for a mortgage transaction
AMANDA LUCIER/DMN Rachel Kelley of Plano ran into financial trouble and is now trying to refinance with Bank of America, which acquired her lender last year.With rates falling for the third straight week, first-time homebuyers and those thinking about refinancing are in a sweet place - if they can qualify. (Mon, 20 Jul 2009 03:24:43 GMT)

Now could be the time for a mortgage transaction
AMANDA LUCIER/DMN Rachel Kelley of Plano ran into financial trouble and is now trying to refinance with Bank of America, which acquired her lender last year.With rates falling for the third straight week, first-time homebuyers and those thinking about refinancing are in a sweet place - if they can qualify. (Mon, 20 Jul 2009 03:24:43 GMT)

Pimco’s Gross Reduces Mortgage Holdings, Adds to Cash Position
July 20 (Bloomberg) -- Bill Gross , who runs the world’s biggest bond fund at Pacific Investment Management Co. , reduced holdings of mortgage debt last month and trimmed his bet against cash and equivalent securities. (Mon, 20 Jul 2009 03:57:47 GMT)

Beckham confronts fan in home return with Galaxy
David Beckham confronted a fan sitting in a section where negative banners about the Los Angeles Galaxy player were displayed during Beckham's first home game of the season Sunday night. (Mon, 20 Jul 2009 04:40:18 GMT)

Now could be the time for a mortgage transaction
First-time homebuyers and those thinking about refinancing are in a sweet place. (Mon, 20 Jul 2009 04:57:53 GMT)

Pimco’s Gross Reduces Mortgage Holdings, Adds to Cash Position
July 20 (Bloomberg) -- Bill Gross , who runs the world’s biggest bond fund at Pacific Investment Management Co. , reduced holdings of mortgage debt last month and trimmed his bet against cash and equivalent securities. (Mon, 20 Jul 2009 05:11:41 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Mon, 20 Jul 2009 05:49:30 GMT)

Beckham confronts LA boo-boys on return home
David Beckham was ushered away by security guards after he confronted fans who provided an ugly reception for his return to the Los Angeles Galaxy home ground for a friendly against AC Milan on Sunday. (Mon, 20 Jul 2009 06:32:42 GMT)

Beckham confronts LA boo-boys on return home
LOS ANGELES, July 20 — David Beckham was ushered away by security guards after he confronted fans who provided an ugly reception for his return to the Los Angeles Galaxy home ground for a friendly against AC Milan yesterday. Beckham was playing at home for the first time since he returned to the Galaxy after he controversially extended his loan spell with Milan into the first half of the Major ... (Mon, 20 Jul 2009 07:06:59 GMT)

State tries to stymie mortgage scammers
For scammers, hard times are just a new business opportunity. That’s why we’re seeing so many scams these days aimed at people in danger of losing their homes. (Mon, 20 Jul 2009 07:07:30 GMT)

Quashie would consider loan move
West Ham midfielder Nigel Quashie says he would be happy to go out on loan if he cannot break into the first team. (Mon, 20 Jul 2009 08:32:13 GMT)

Summer rise in mortgage lending
UK mortgage lending rose in June from the previous month, lenders say, but the total is still half that seen in 2008. (Mon, 20 Jul 2009 08:48:49 GMT)

Summer rise in mortgage lending
UK mortgage lending rose in June from the previous month, lenders say, but the total is still half that seen in 2008. (Mon, 20 Jul 2009 08:49:55 GMT)

In the Biz: Local man combines charity, business
The American Cancer Society is getting a boost from a local man who’s combining business with charity. Brent Coye, a senior mortgage broker at Safe Harbor Capital Group LLC, has designed an Affinity Plus Program that gives re-financers a deal while contributing to cancer research. Coye waives the closing costs related to a loan or refinancing agreement and then makes a donation to the American ... (Mon, 20 Jul 2009 09:27:44 GMT)

Pimco’s Gross Reduces Mortgage Holdings, Adds to Cash (Update2)
July 20 (Bloomberg) -- Bill Gross , who runs the world’s biggest bond fund at Pacific Investment Management Co. , reduced holdings of mortgage debt last month and added to cash and equivalent securities. (Mon, 20 Jul 2009 09:53:13 GMT)

Report: UK mortgage lending up 17 pct in June
Gross mortgage lending in the United Kingdom rose by 17 percent in June compared to the previous month but still lagged at about half of year-ago levels, the Council of Mortgage Lenders said Monday. (Mon, 20 Jul 2009 10:45:09 GMT)

Mortgage Lending And Asking Prices Are Up
Mortgage lending has risen to its highest level in six months, new figures show. (Mon, 20 Jul 2009 11:04:17 GMT)

Mortgage Lending And Asking Prices Are Up
Lending rose by 17% during June to around £12.3bn, the Council of Mortgage Lenders said. (Mon, 20 Jul 2009 11:04:17 GMT)

U.K. Mortgage Lending May Gain on Approvals, BOE Says (Update1)
July 20 (Bloomberg) -- U.K. mortgage approvals by the nation’s six biggest banks increased in June in a sign real- estate lending may strengthen, the Bank of England said. (Mon, 20 Jul 2009 11:08:08 GMT)

Report: UK mortgage lending up 17 pct in June
Gross mortgage lending in the United Kingdom rose by 17 percent in June compared to the previous month but still lagged at about half of year-ago levels, the Council of Mortgage Lenders said Monday. The figure was echoed by the Bank of England, which reported... Sponsored Topics: Council of Mortgage Lenders - Business - Mortgage - Mortgage loan - Bank of England (Mon, 20 Jul 2009 11:23:28 GMT)

Attorney Dea Character and co-defendants sentenced for mortgage fraud scheme
Cuyahoga County JailDea L. CharacterCuyahoga County JailTyrone T. Cody CLEVELAND — Dea Character, 51, and Tyrone Cody, 39, both of Shaker Heights, were sentenced by Judge Shirley Strickland Saffold for mortgage fraud in Greater Cleveland. Character got a four-year sentence... (Mon, 20 Jul 2009 11:23:59 GMT)

Pimco's Total Return Fund Sees Mortgage Holdings Fall In June
Mortgage holdings hit a 23-month low as a percentage of assets in Pimco Investment Management Co.'s benchmark Total Return fund in June. (Mon, 20 Jul 2009 11:27:16 GMT)

Conmen target seniors for reverse mortgage scams
RICHMOND, VA (WWBT) - A new warning for seniors tonight from the FBI. As the housing market slowly recovers, you still need to watch out for reverse mortgage scams. Reverse mortgages, or home equity conversions, increased more than 1300 percent between 1999 and 2008. (Mon, 20 Jul 2009 11:30:56 GMT)

How do I … Find the best mortgage rate?
Finding the best mortgage rate can be tricky, whether buying your first home or trying to refinance your existing one. Here are some tips for getting the best rate: (Mon, 20 Jul 2009 11:42:56 GMT)

Ashburn Woman Sought In $50M Mortgage Scheme
Members of the Loudoun County Sheriff's Office and the Office of the Virginia Attorney General are on the hunt for an Ashburn woman indicted Monday in a $50 million mortgage scheme. (Mon, 20 Jul 2009 12:19:12 GMT)

In the Biz: Local man combines charity, business
The American Cancer Society is getting a boost from a local man who’s combining business with charity. Brent Coye, a senior mortgage broker at Safe Harbor Capital Group LLC, has designed an Affinity Plus Program that gives re-financers a deal while contributing to cancer research. Coye waives the closing costs related to a loan or refinancing agreement and then makes a donation to the American ... (Mon, 20 Jul 2009 12:27:44 GMT)

Streator Home Building & Loan buys church
Streator Home Building & Loan was the highest bidder Saturday for Grace United Methodist Church. The going price was $52,500. Included in the bid was its fellowship house and parsonage and all contents in the buildings. According to (Mon, 20 Jul 2009 13:20:41 GMT)

9 Ways to Salvage an Ailing Credit Score
Today's mortgage costs are dirt cheap—if you've got the right FICO rating. (Mon, 20 Jul 2009 15:00:10 GMT)

Ryan Bertrand feels at home at Reading FC
Ryan Bertrand said he immediately felt at home after joining Reading from Chelsea on a season-long loan last Friday. (Mon, 20 Jul 2009 15:13:48 GMT)

FSA Puts Mortgage Broker Into Bankruptcy After Fine Isn’t Paid
July 9 (Bloomberg) -- A mortgage broker who failed to pay a then-record fine from Britain’s financial regulator last year has had a bankruptcy notice served against her. (Mon, 20 Jul 2009 15:20:44 GMT)

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