Mortgage News Archives

It was started to help struggling homeowners get back on their feet. The goal today is to convert as many trial modifications as they can to permanent ones.

The heavily indebted Dubai World is not guaranteed by the emirate's government, a top financial official from the city state said Monday, offering little direction to anxious investors on a day when stock markets in the United Arab Emirates registered a record fall on the back of Dubai's debt mess.

The Treasury Department is expected to meet with lenders on Monday to press them to do more to rework troubled home mortgage loans, a source familiar with the Treasury's thinking said.

New figures show that the amount of money lent into the economy fell again in October.

Home loan approvals rise for the eleventh month in a row in the latest evidence of an upturn in the property market Elizabeth Judge The number of loans made to homebuyers hit a 19-month high in October, according to official figures which also showed Britons are paying down their debts at a record level.

My wife and I are both in our mid-30s, and the only debt we have is $14,000 in credit cards, student loans and a car payment.

Recession Woes: Could You Get By on a 40% Pay Cut? Gregory Karp November 29, 2009 Could you live with a 40 percent pay cut? That's likely what many Americans are doing as they return to work but suffer huge reductions in pay, said Kenneth Couch, an economics professor at the University of Connecticut.

The Reserve Bank of Australia is likely to make history on Tuesday by lifting interest rates for a third straight month, economists say.

A major provider of mortgage data said Tuesday that the percentage of "underwater" homeowners - people who owe more than their homes are worth - is significantly lower than the company previously reported.

Like many home owners in the U.S., hotels are starting to drown in debt. They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights.

The Obama administration plans to announce on Monday a campaign to press mortgage companies to reduce payments for many more struggling homeowners, The New York Times reported in Sunday editions.

Reno-area homeowners with a mortgage owe more to the bank than their homes are worth.

Fannie Mae plans to raise minimum credit score requirements next month and limit the amount of overall debt that borrowers can carry relative to their incomes, The Washington Post reported on Thursday.

Older Americans who were raised on stories of the Great Depression and acquired lifelong habits of thrift now find themselves crowding soup kitchens and food pantries in greater numbers for the first time after seeing retirement funds, second jobs and nest eggs wiped out by recession.

Banks borrowed slightly more from the Federal Reserve's emergency lending program over the past week.

Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers as part of post-crisis reforms could damage prospects for economic and financial health in the future.

You could almost read this story straight from the New Testament: A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present - canceling their debt to ruthless bankers trying to toss them out on the street.

New mortgage loans drawn down in October dropped 9.5 percent to 21.1 billion HK dollars , while new loans approved fell 13.1 percent to 29 billion HK dollars, official figures released Wednesday indicated.

And 40 per cent of Australians plan to revisit their financial plans as the nation emerges with a more positive economic outlook, the survey, commissioned by mortgage broker Mortgage Choice, found.

The number of landlords remortgaging fell to a two-and-a-half-year low during the third quarter of the year, research shows.

Simply the idea of having the bank send a home owner a check every month for living in the home in which they have built equity to many sounds like a great way to help cover expenses in retirement years.

The owner of a Portland mortgage company has been sentenced to three years and five months in prison for making false statements to financial institutions.

Don't try to tell Mandy Peacock that the housing market in the United States is showing any signs of life.

Posted on November 26th, 2009 at 14:51 by John Sinteur in category: Robber Barons -- Yano-Horoski, appearing pro se, requested a conference in February to seek a deal with IndyMac Bank on the $292,500 mortgage she took out in August 2004 on her East Patchogue home.

In charges unsealed Wednesday, federal prosecutors accused four Seattle-area men of defrauding several banks through a wide-ranging mortgage-fraud scheme.

A couple on Long Island is giving thanks Wednesday for owing no debt on their home.

The number of households paying over $500 a week in mortgage payments dropped 3% in the year ending June 2009.

Former Portland mortgage broker Lee Howlett, labeled by federal prosecutors "a serial, unrepentant con-artist," was sentenced to 41 months in prison Tuesday.

Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

A home sits for sale. The cost of homeownership in Canada became more expensive in the third quarter, according to a report by RBC Economics Research.

It's an example of dangerous scientific politicization I haven't really heard about the controversy No one will really understand politics until they understand that politicians are not trying to solve our problems.

The Quarterly Banking Profile depicts a banking industry that continues to struggle as shown by deteriorating loan quality, increased charge-offs, an increase of 33% in the number of banks on the Problem Bank List, a negative FDIC Insurance Fund balance, the highest level of noncurrent loans on record and...

The secret 62billion: Bank of England kept quiet about massive cash lifeline for RBS and Halifax to avoid a national panic By Sam Fleming Last updated at 11:08 PM on 24th November 2009 The Bank of England secretly loaned 61.6billion to two banks at the height of the financial meltdown last year.

A Virginia Beach man faces up to 30 years in prison after pleading guilty to wire fraud in connection with a mortgage loan scheme.

A South Florida pastor and his wife have been convicted in Miami federal court on charges that they took part in a $7 million money laundering and mortgage fraud scheme.

The Standard & Poor's/Case-Shiller home price index of 20 major cities released Tuesday rose 0.3 percent to a seasonally adjusted reading of 144.96 in September.

The number of mortgages approved for house purchase rose to its highest level for nearly two years during October as buyers continued to return to the market, figures showed today.

A former pastor is facing charges over allegations that he falsified documents to take out a loan on church property.

Reporting from Washington - For several years, the Federal Housing Administration has been the go-to financing resource for cash-strapped home buyers who can't come up with a big down payment.

Mortgage finance company Freddie Mac on Monday put its initial loss estimate related to the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp.

Up to four MPs and peers are to face fraud charges over the expenses scandal by early in the New Year, it emerged today.

By Jack Guttentag , Monday, November 23, 2009. Flickr photo by MC Quinn . It is often said that the interest on home mortgages is "front-end loaded," implying that the way lenders charge interest is both unfair and self-serving -- possibly even sinister.

Daniel Suelo had a CU Masters degree in accounting and a promising career in 2000 when he began what he calls "an experiment." Since that time nine years ago, he has lived without money.

A senior Federal Reserve official said on Sunday the central bank should keep alive its mortgage-related assets purchase program beyond a planned end-date to give policy-makers more flexibility as they help the economy recover from a painful recession.

For the first time in seven decades, Treasury bills are paying no interest while stocks continue to appreciate -- a divergence in U.S. financial markets that might be perilous if Federal Reserve Chairman Ben S. Bernanke didn't know all about 1938.

A mortgage industry trend that requires appraisers to work in unfamiliar neighborhoods is resulting in serious valuation issues, according to a new blog posted Sunday, Nov.

Even before the recession, more than one in five Americans needed help from family, friends or outsiders to pay for basic needs, according to a survey by the Census Bureau.

As millions of Americans struggle to hold on to their homes, Wall Street has found a way to make money from the mortgage mess.

"Hi. I'm Tom and I'm a compulsive spender." So begins a recent gathering of Debtors Anonymous, a support group for those addicted to overspending.

A federal grand jury in Eugene, Oregon has indicted 13 people on mortgage and loan fraud charges.

State officials went to federal court yesterday to force into bankruptcy two troubled Meredith financial firms.

Kevin O'Connell, 35, of Albany, pled guilty in United States District Court in Albany to a one-count information charging him with the felony offense of laundering of monetary instruments in connection with his role in an extensive mortgage fraud scheme that defrauded financial institutions and other mortgage lenders of over $5.3 million in loans.

Ohio's public pension systems are suing Standard & Poor's, Moody's and Fitch - companies that provide credit ratings for investments.

We are in the midst of the worst economic crisis since the Great Depression. More than 27 million American workers are either unemployed, underemployed or have given up looking for work.

The latest data from the Mortgage Bankers Association reports that a record breaking one in seven (14%) of all households are 30 days or more overdue on mortgage payments or in foreclosure. Mortgage defaults have steadily increased since 2006 and show no signs of slowing - not exactly a good omen for the banking industry. ...

Seven people were arrested Thursday and charged with operating a $142 million mortgage and security fraud that pushed 201 Riverside County homes into foreclosure and harmed hundreds of investors in California and Arizona, driving many to financial ruin.

Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday.

A federal grand jury sitting in Eugene, Oregon, yesterday returned indictments against thirteen individuals on a variety of mortgage and loan fraud charges arising out of the collapse of Desert Sun Development , a company previously headquartered in Bend, Oregon.

Banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, but increased their use of other credit programs designed to ease the financial crisis.

Federal Reserve officials are stepping up scrutiny of the biggest U.S. banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.

British house prices could retreat in 2010 if unemployment rises sharply, Britain's third-largest mortgage lender Nationwide warned on Friday.

State and federal prosecutors have charged seven people in an alleged securities scam that cheated dozens of people out of $17 million.

Watchdog: Stimulus job creation data flawed A A The government watchdog overseeing economic stimulus spending said Thursday that, in its rush to take credit for saving hundreds of thousands of jobs, the Obama administration was overly confident in its job-counting. updated Nov.

Published by Jon Land for 24dash.com in Housing Thursday 19th November 2009 - 10:05am Mortgage lending up 5% in October - CML Mortgage lending rose by 5% during October as the market continued to recover from its traditional summer dip, figures showed today.

Spanish banking giant Santander is set to launch an assault on the current account market with the introduction of a fee-free account available to mortgage customers.

Lloyds Banking Group will put 600 branches and its Cheltenham & Gloucester and TSB brands up for sale after the European Commission gave its approval to its state-aid settlement.

Two of Canada's big banks said Wednesday they would cut their posted rates for fixed-rate mortgages by up to 0.2 percentage points.

Wells Fargo & Co. , the fourth- biggest U.S. lender by assets, will repay as much as $1.4 billion to brokerage clients whose funds were frozen when the auction-rate securities market collapsed last year, the bank said in a statement.

Mortgage loan applications decreased 2.5 percent on a seasonally adjusted basis for the week ending Nov.

US consumer prices rose by a higher-than-expected 0.3% in October primarily on the back of higher petrol prices.

PHOENIX a ' State lawmakers are once again trying to remove some legal protections speculators have from being pursued by banks if they walk away from home mortgages.

Builders in October unexpectedly broke ground on fewer U.S. houses as the sales outlook darkened with the looming expiration of a government tax credit and mounting joblessness.

Authorities in Colorado say a homeowner who was selling his house returned to the property to find a 24-year-old squatter wearing only underwear.

Builders in October probably broke ground on U.S. houses at the fastest pace in 11 months, and consumer prices held below the Federal Reserve's long-range goal, economists said reports today may show.

FAILED Gold Coast property financier City Pacific paid itself $25 million last year for managing the First Mortgage Fund, which lost about half of its $1 billion value, a report from First Mortgage's new managers, Balmain Trilogy, says.

The Obama administration on Tuesday will announce 'a sustained, multilevel attack on financial fraud,' including mortgage rip-offs, a senior administration official said.

One of the country's top credit reporting agencies says mortgage delinquencies have hit another record.

Lloyds Banking Group has slashed interest rates on a number of its mortgages and launched a new best buy deal.

Petrol prices have pushed up inflation for the first time since February, official figures show.

A Middle Tennessee State University professor has been sentenced to 12 months and a day in prison in a mortgage fraud scheme.

The Federal Reserve is proposing to exempt some investors from a requirement that consumers receive notice within 30 days after their home loan is sold or transferred to a new mortgage company.

Massachusetts Rep. Barney Frank is floating a proposal to use the interest the government collects from the federal financial bailout fund to give loans to unemployed homeowners struggling to pay the mortgage.

Housebuilder Persimmon is seeing confidence returning to the market in Kent and the south east.

Michael Chou pleaded guilty in federal court today to wire fraud conspiracy, United States Attorney Joseph P. Russoniello announced.

Financial officials in Japan and China, Asiaa s two largest economies, warned the Federal Reservea s interest-rate policy risks spurring speculative capital that may inflate asset prices and derail the global economic recovery.

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New Zealanders are still optimistic about the state of the housing market, according to an ASB survey.

BEDROOM apartment on the Upper West Side is listed at $1.595 million and sells within two weeks after nine prospective buyers race to outbid one another, ultimately pushing the price to nearly $1.8 million.

WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd's sweeping new financial overhaul legislation, which proposes to strip the Federal Reserve of its authority to regulate banks, threatens the central bank's time-honored independence and its premier international standing, experts warn.

Woodmen of the World wants U.S. Bank to pay nearly $30 million for investing some of the insurer's assets in risky mortgage-backed securities that plummeted in value instead of the conservative investments the bank promised.

SAN DIEGO - Federal Housing Administration Commissioner David Stevens said Saturday that concerns the agency is headed for the same financial trouble that snared Fannie Mae, Freddie Mac and the subprime sector are unwarranted.

NICOLAS CAGE's property portfolio is shrinking fast - two of his homes in New Orleans, Louisiana are going up for auction after the cash-strapped star fell behind on mortgage payments.

A federal grand jury has returned a 53 count indictment charging seven individuals with conspiracy to commit wire fraud, wire fraud, and money laundering for their roles in a mortgage fraud scheme that involved more than 100 properties in Northern California, United States Attorney Joseph P. Russoniello, Special Agent in Charge, IRS Criminal ...

Regulators closed three additional banks today in Florida and California. The FDIC does not have the cash to simply close failed banks and pay off depositors, but finding purchasers for failed banks is also becoming more difficult and costly....

Our company, J.P. Morgan Chase, employs more than 220,000 people, serves well over 100 million customers, lends hundreds of millions of dollars each day and has operations in nearly 100 countries. And if some unforeseen circumstance should put this firm at risk of collapse, I believe we should be allowed to fail.

The Federal Reserve will begin banning banks from charging many overdraft fees unless customers sign up for the service, an unprecedented move that comes as a wave of consumer reforms sweeps Washington.

Published by Jon Land for 24dash.com in Housing Friday 13th November 2009 - 1:47pm FSA accused of regarding mortgage lenders 'like drug dealers' The City watchdog was accused today of viewing mortgage lenders as being like "drug dealers at the school gates". The chairman of the Council of Mortgage Lenders said the Financial Services Authority saw ...

In California, as in many states, people seek help restructuring mortgages to avoid foreclosure.

Getting tagged with some bank overdraft fees will become a voluntary act beginning July 1, 2010.

By DANIEL WAGNER Banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, and reduced their use of other credit programs designed to ease the financial crisis.The Fed said Thursday that commercial banks averaged $20.8 billion in daily borrowing over the week that ended Wednesday.

A federal prosecutor says the former owner of a Nevada property firm faces conspiracy and fraud charges in a mortgage fraud scheme involving so-called "straw buyers" and false loan documents.

The swift acquittal of two Bear Stearns executives in the government's criminal case tied to the financial meltdown likely will force prosecutors to rethink the evidence they planned to present in a raft of cases that have yet to go to trial, legal experts say.

The Federal Housing Administration says its financial cushion has dipped to a dangerously low level but should remain above zero under "most economic scenarios." The agency, a major source of funds for first-time homebuyers, faces mounting concerns that it will eventually need a taxpayer bailout as losses grow from homeowners who lose their jobs ...

Private talks to restructure the debt of Japanese consumer lender Aiful Corp. are threatening to erode confidence in the nation's growing $887 billion market for derivatives that lenders use to protect themselves from losses.

The owner of a northern Wisconsin resort has been indicted in a multi-million-dollar Ponzi scheme.

Christopher J. Dodd, who chairs the Senate banking committee, unveiled a 1,136 page plan to overhaul regulations for banks and other financial institutions.

Interest rates could stay at record lows of 0.5% throughout next year to underpin a UK recovery, experts have said.

More first-time buyers have taken advantage of the government's stamp duty holiday to enter the market, helping boost the number of mortgages approvals in September, figures from lenders showed.

Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.

The number of homeowners getting help from the government's massive foreclosure program is growing, according to data released Tuesday, but it is unclear how many of these borrowers might still lose their homes.

UNSUSTAINABLE: The dollar is "unlikely to be sustainable" at current levels, while looser lending conditions risk a return to a debt-fuelled housing cycle Reserve Bank Governor, Alan Bollard said.

A 2.3 per cent rise in petrol prices combined with the interest rate rises weighed on confidence Consumer confidence has slipped for the first time in five months, but remains well above average levels.

JPMorgan Chase says it will hire 1,200 mortgage loan officers by the end of next year, a 60 percent increase in its sales force.

After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

Dodd's 1,100 page-draft would strip the Federal Reserve and other regulators of their powers to regulate banks and hand that job to a single agency.

Lloyds Banking Group Plc , Britain's biggest mortgage lender, said it plans to cut about 5,000 jobs in its administration, insurance and mortgage units.

The Federal Housing Administration, which has played a crucial role supporting American home buyers after the collapse of the mortgage market, has burned through a huge cash reserve in less than a decade and could soon wind up with what amounts to an automatic taxpayer bailout if the agency's fortunes don't improve, according to a review of FHA finances.

Mortgage lenders have vowed not to take legal action against struggling homeowners - but only if they can work out a deal on repayments.

Government controlled mortgage provider Fannie Mae said Monday the U.S. Treasury has blocked its plans to sell more than $2.5 billion in low-income housing tax credits.

Reporting from Washington - For most of the growing legion of financially stretched families in danger of losing their homes, there is help available -- as long as they don't bury their heads in the sand.

Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.

THE scene is set for a home construction boom after a record number of Australians rushed to take advantage of the First Home Owners Boost in September before it was reduced from last month.

Seventeen metro areas in the much watched S&P/Case-Shiller Home Price Indexes saw price increases from July to August, according to Standard & Poor's. Home prices in both the 10-city and 20-city composite indices and all metro areas except for Cleveland either improved or fell more slowly.

A SOLICITOR is today at the centre of a probe into what could be the country's biggest ever property probe.

In New York the other day, a debtor drove 10 city blocks with a repo man clinging to the hood of her car.

William Everett Nichols, 56, of Alexandria, La., President and sole shareholder of First Fidelity Mortgage, Inc., pleaded guilty to defrauding Sabine State Bank in Many, La.

Those days are still here - consumers continue to be unprotected from closing cost shocks or intentional lowballing of fees - but in about eight weeks the situation should change dramatically.

A former real estate broker has pleaded guilty to charges that he committed mortgage fraud, operated a real estate investment scam and was involved in a check-kiting scheme and bankruptcy fraud.

Royal Bank of Scotland yesterday said bad debts were "bottoming out" but the bank expects to continue losing money into next year.

Reuters Posted: Saturday, Nov 07, 2009 at 1524 hrs IST Updated: Saturday, Nov 07, 2009 at 1524 hrs IST New York: Freddie Mac, the second largest provider of US residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.

Key Democratic lawmakers are threatening to dismantle the Obama administration's plans to place the Federal Reserve at the heart of efforts to overhaul the financial regulatory system

Regulators closed 5 additional failed banks today. The largest failed bank of the week was United Commercial Bank, San Francisco, CA which had $11.2 billion in assets. United Commercial was the 4th largest banking failure this year in terms of total assets and the fifth largest in terms of total loss to the FDIC.

Its TV and print ads poke fun at the bait-and-switch tactics of other banks. Its interest rates on CDs have been the most generous in the industry.

For months he had warned it was coming but that didn't ease the political shockwaves for President Barack Obama when unemployment topped 10 percent.

US state-controlled mortgage lender Fannie Mae posted another multibillion-dollar quarterly loss and said it needed an additional $US15 billion in taxpayer funds.

Consumers likely reduced their borrowing for an eighth straight month in September, as layoffs continue and credit remains tight.

The mortgage giant's move is part of an attempt by lenders to keep a wave of foreclosed properties from slamming a housing market that has shown some signs of recovery.

Ohio Attorney General Richard Cordray and a mortgage servicing company filed dueling lawsuits Thursday over state allegations that the firm misled and gouged borrowers while restructuring their loans.

It's a scary time to be a recent college graduate. Jobs are scarce and many grads are sitting on mountains of debt.

The Bank of England's injection of 175 billion pounds into the economy hasn't yet pulled Britain out of recession, and the central bank now faces a difficult decision on whether to raise the stakes.

A half-renovated Victorian era home is offered for sale in the Angelino Heights neighborhood.

In the following press release Michigan Attorney General Mike Cox today announced that his office has filed charges against a Wyoming, MI woman accused of defrauding the Michigan State Housing Development Authority by fraudulently obtaining a mortgage, defaulting on that mortgage and leaving taxpayers to pick up the ta b. Maria Antonia Franks ...

The US Federal Reserve tonight expressed growing confidence that an economic recovery was building, even though it stuck to its commitment to keep borrowing costs near zero for 'an extended period'. As expected, the Fed kept its benchmark federal funds rate unchanged in a range of zero to 0.25%, and said the US economy had 'continued to pick up' ...

GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said Wednesday its loss narrowed to $767 million in the third quarter, as its auto lending unit made money while its home mortgage unit reported another loss.

Nationalised Northern Rock has said that it expected a "significant improvement" in second-half trading as growth in mortgage arrears slowed.

Faced with lurking dangers to the budding recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low to entice Americans to spend more and help the economic turnaround gain traction.

Fannie Mae and Freddie Mac refinanced more than 3.5 million mortgage loans in 2009 through September of this year.

The bank said there is room for 'cautious optimism' Northern Bank has reported a loss of 7.5m for the third quarter of 2009.

A federal prosecutor says a crackdown on organized mortgage fraud this year has yielded 105 arrests from Jacksonville to Fort Myers.

THE Reserve Bank board has increased its official interest rate from 3.25 per cent to 3.5 per cent.

During one of his first meetings about overhauling U.S. financial regulations in February, President Barack Obama had a question for his economic advisers, who included Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers.

Royal Bank of Scotland and Lloyds Banking Group have been reshaped in the final piece of the state-backed bank bail-out. Philip Aldrick asks the key questions.

Hopes for the fledgling economic recovery got a boost Monday from better-than-expected news on manufacturing, construction and contracts to buy homes.

MENDHAM TWP. - Whitney Houston's dramatic contemporary estate, where local officials and neighbors mingled with celebrities at the pop star's 1992 wedding reception, has been put up for sale with an asking price of $2.5 million, less than half its assessed value.

Even with the Federal Reserve widely expected to leave interest rates at a record low this week to nurture the fragile recovery, fissures are growing among U.S. policymakers about when to start boosting rates to head off inflation.

Low interest rates and a strengthening economy will pave the way for a housing-sector rebound next year in Manitoba, according to the fall forecast this morning from Canada Mortgage and Housing Corp.

The Government is planning to create three new high street banks by 2015 in a bid to boost competition in the sector, it has been reported.

London restaurateurs say business is showing signs of bouncing back from the depth of the recession, with more customers and diners starting to spend more on wine.

Amid the heap of obligations and expenses that come with buying a house, title insurance can be one of the most bewildering.

Banks and credit union officials described their controversial automatic overdraft protection programs - with fees that average $35 each time they are triggered - as a courtesy so customers aren't embarrassed when a store cashier denies a purchase or, worse, when a mortgage check bounces.

'I have some money and checks to deposit but do not know where to go' Aug. 5, 1931: Depositors gathered outside after American Union Bank in New York City failed and was closed by state regulators.

Three new High Street banking chains are to be created by the government by 2015 as part of a major overhaul.