Relief for risky mortgages in works (Tucson Citizen)

Some homeowners with risky "subprime" adjustable-rate mortgages will be able to refinance before they lose their home to foreclosure, with the help of steps President Bush will announce Friday, senior administration officials said Thursday night.

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[Source: Yahoo! News Search Results for mortgages]

30-year mortgages fall to lowest rate in 3 months, 6.45% (Baltimore Sun)

Rates on 30-year mortgages have fallen to the lowest level in three months, according to a national survey by Freddie Mac.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-year mortgages drop (Minneapolis-St. Paul Star Tribune)

WASHINGTON Rates on 30-year mortgages fell this week to the lowest level in three months. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent. That was down from 6.52 percent last week and was the lowest level since the week of May 31, when rates stood at 6.42 percent. The moderation provides welcome news for prospective homebuyers, many ...

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[Source: Yahoo! News Search Results for mortgages]

Banks press American Home for mortgages (The Post-Standard)

Acting on behalf of a syndicate of investors, a unit of Credit Agricole has laid claim to nearly $1.2 billion worth of mortgages caught up in the bankruptcy of American Home Mortgage Co.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-Year Mortgages Fall (AP via Yahoo! Finance)

Rates on 30-year mortgages fell this week to the lowest level in three months. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent.

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[Source: Yahoo! News Search Results for mortgages]

Consumers shun adjustable rate mortgages (CNN Money)

Surging rates and consumer caution decrease ARMs activity. NEW YORK (Reuters) -- Consumers are shunning adjustable-rate mortgages in droves as rates surged to levels not seen in over six years, data from an industry trade group showed Wednesday.

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[Source: Yahoo! News Search Results for mortgages]

Indian outsourcing firms eye US subprime crisis (AFP via Yahoo! News)

Indian outsourcing firms nervously hope the US loan crisis does not deteriorate as the business of processing mortgages in their biggest market dries up and some clients keel over.

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[Source: Yahoo! News Search Results for mortgages]

Legal & General appoints new mortgages director (Insurance Business Review)

UK-based Legal & General Group, a provider of life insurance, has appointed Ben Thompson to the position of mortgages director.

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[Source: Yahoo! News Search Results for mortgages]

Total mortgages in trouble impossible to know (The Cincinnati Enquirer)

The U.S. mortgage-lending business is a sprawling, varied enterprise that no one regulator oversees, making it impossible to know how many mortgages or lenders not insured by the government are in trouble.

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[Source: Yahoo! News Search Results for mortgages]

Home Buyers Forced to Change Tactics (Washington Post)

The credit crunch has turned $417,000 into the magic number for home buyers shopping for mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Impossible to Track Troubled Mortgages (AP via Yahoo! Finance)

It's hard to know how scared to be if you don't know the size of the threat. No, not terrorism, housing. The U.S. mortgage-lending business is a sprawling, varied enterprise that no one regulator oversees, making it impossible to know how many mortgages or lenders whose deposits aren't insured by the government are in trouble.

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[Source: Yahoo! News Search Results for mortgages]

Court OKs Sale of HomeBanc Mortgages (AP via Yahoo! Finance)

Countrywide Financial Corp. is set to buy $128 million of mortgages from failed lender HomeBanc Corp. and take over leases at five of its offices in the South.

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[Source: Yahoo! News Search Results for mortgages]

UK mortgage approvals decline (FT.com via Yahoo! News)

The number of mortgages approved by lenders fell in July, adding to evidence that higher borrowing costs are cooling the housing market.

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[Source: Yahoo! News Search Results for mortgages]

Washington Explores Help for Those Who Can't Pay Mortgages (US News & World Report)

"Liquidate labor, liquidate stocks...liquidate real estate. It will purge the rottenness out of the system.... People will work harder, live a more moral life." That was how Herbert Hoover once described Treasury Secretary Andrew Mellon's unsympathetic attitude as the Great Depression began to unfold.

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[Source: Yahoo! News Search Results for mortgages]

TREASURIES-Edge up in Asia as investors play it safe (Reuters via Yahoo! Singapore News)

TOKYO, Aug 28 - U.S. Treasury futures edged up in Asia on Tuesday as many investors remained wary of more bad news from credit markets and souring subprime mortgages that could prompt another wave of safe-haven bond buying.

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[Source: Yahoo! News Search Results for mortgages]

Mike Pero Mortgages Timaru Moves To New Office (Scoop.co.nz)

Mike Pero Mortgages broker Gary Dobbs has opened the doors on his new premises in downtown Timaru. Gary joined Mike Pero Mortgages 18 months ago as a broker servicing the South Canterbury area.

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[Source: Yahoo! News Search Results for mortgages]

Subprime wave causes Indian ripple (International Herald Tribune)

Indian outsourcing companies that process mortgages are seeing a decline in work orders and loss of revenue because of the U.S. subprime crisis.

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[Source: Yahoo! News Search Results for mortgages]

Insight Bank to Offer Homeowners Flexibility With Reverse Mortgages (PR Newswire via Yahoo! Finance)

Homeowners in their golden years will soon have relief from rising expenses, and it's coming from a familiar source: their homes.

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[Source: Yahoo! News Search Results for mortgages]

Bailing out of mortgages (The Cincinnati Enquirer)

It wasn't that long ago that Wall Street's big investment banks, looking for ways to cash in on the then-booming housing industry, were buying mortgage lenders at a frenetic pace. The story now is quite different.

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[Source: Yahoo! News Search Results for mortgages]

Credit crisis 'bigger than terror' (Daily Telegraph)

THE risk of massive defaults on subprime mortgages and heavy debts now poses a bigger threat to US economic prosperity than terrorism, economists say.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages stir worldwide worries (Long Island Business News)

The many players in the subprime debt markets had made it difficult to tell who owns what, and that's created widespread fear among investors.

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[Source: Yahoo! News Search Results for mortgages]

Credit crisis 'bigger than terror' (News Interactive)

THE risk of massive defaults on subprime mortgages and heavy debts now poses a bigger threat to US economic prosperity than terrorism, a survey finds.

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[Source: Yahoo! News Search Results for mortgages]

Say bye-bye to zero-down mortgages (Tacoma News Tribune)

Editors note: This is another in an occasional series looking at buying a first home. Saving money for a down payment might soon be the newest trend revisited in financing the purchase of a home.

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[Source: Yahoo! News Search Results for mortgages]

Borrowers face their adjustable-rate mortgages (Everett Herald)

Borrowers caught short through adjustable-rate mortgages are scrimping, raiding their savings and taking on second jobs to avoid losing their homes.

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[Source: Yahoo! News Search Results for mortgages]

Top 10 Financial Mistakes to Avoid.

1. Renting never BuyingWhy do people say: “renting is dead money” ?If you rent a house you will have to make regular payments until the day you die. You get nothing in return from your rent payments (apart from the gratitude of your landlord.) Furthermore the cost of renting tends to go up by at [...]

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[Source: Mortgage Blog]

Rates decline on 30-, 15-year mortgages (The Record)

WASHINGTON -- Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for people hoping to buy homes.

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[Source: Yahoo! News Search Results for mortgages]

Inside the Countrywide Lending Spree (New York Times)

Countrywide Financial systematically led people to high-cost mortgages that were not suited for them, some former employees say.

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[Source: Yahoo! News Search Results for mortgages]

Jumbo mortgages take a hit (Naples Daily News)

Buyers of pricey houses are finding that money has suddenly become more expensive to borrow. Ditto for loan applicants who dont want to prove that they told the truth about their incomes. Rates on jumbo and Alt-A mortgages have zoomed upward since the last week of July, even as rates on conforming, fixed-rate mortgages slipped downward.

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[Source: Yahoo! News Search Results for mortgages]

Cost of fixed-rate mortgages falls as housing market slows (Evening Standard)

The cost of fixed-rate mortgages has started to fall, boosting homeowners' hopes that interest rates could have finally peaked.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-year mortgages sink to lowest point since late May (Long Beach Press-Telegram)

WASHINGTON - Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-year mortgages drop (Minneapolis-St. Paul Star Tribune)

WASHINGTON Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent. That was down from 6.62 percent last week and was the lowest rate since the week ending May 31, when rates stood at 6.42 percent. The ...

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[Source: Yahoo! News Search Results for mortgages]

Mortgages: Smaller Banks Smell Blood (BusinessWeek Online via Yahoo! News)

Everyone says there's a credit crisis, with defaults on risky mortgages causing banks and mortgage brokers to tighten up their lending.

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[Source: Yahoo! News Search Results for mortgages]

UK Property Price Speculation

How Volatile are House Prices?With recent concerns over the US housing market, combined with falls in the stock market, many have been wondering whether this will cause problems in the UK housing market.Factors that Cause House Price VolatilityIncrease in Buy To Let Sector.Due to the gains in housing equity in the past 20 years, more [...]

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[Source: Mortgage Blog]

Pssst! Some Mortgages Are Getting Cheaper (Fool.co.uk via Yahoo! UK & Ireland Finance)

The Motley Fool UK: Market Comment, August 23, 2007 ...

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[Source: Yahoo! News Search Results for mortgages]

Reverse mortgages? (The Marion Star)

I have been getting several calls over the past couple weeks from folks who have questions on reverse mortgages. Let's take a few minutes and discuss how a reverse mortgage works and if it may be right for you.

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[Source: Yahoo! News Search Results for mortgages]

With more mortgages past due, foreclosures are expected to surge (Sun-Sentinel)

With more mortgages past due, foreclosures are expected to surge U.S. banks and thrifts suffered the biggest increase in late loan payments in 17 years as more homeowners fell behind on mortgages, the Federal Deposit Insurance Corp. said.

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[Source: Yahoo! News Search Results for mortgages]

High-risk mortgages a big problem for borrowers (Daily Local News)

SAN FRANCISCO (AP) When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement.

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[Source: Yahoo! News Search Results for mortgages]

High-risk mortgages become toxic mess (Boston Herald)

SAN FRANCISCO - When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement. Instead,...

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[Source: Yahoo! News Search Results for mortgages]

21-08-2007: Fitch expects stable credit quality of Malaysia mortgages (The Edge Daily)

SINGAPORE: Fitch Ratings will publish a report today on the quality of household credit, particularly home mortgages, in Malaysia, which is anticipated to stay intact with stable consumers' debt servicing ability, underpinned by the moderately healthy economy and benign interest rate environment.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages: Small Banks Smell Blood (BusinessWeek)

Plain-vanilla banks known for careful lending could benefit from the problems of larger, more aggressive rivals like Countrywide

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[Source: Yahoo! News Search Results for mortgages]

No crunch on credit-union mortgages, but qualifying is the trick (Market Watch)

CHICAGO (MarketWatch) -- As many mortgage lenders tighten loan underwriting standards and interest rates on jumbo mortgages rise, consumers may be able to find a friend in their credit union.

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[Source: Yahoo! News Search Results for mortgages]

Two U.S. Companies Involved in Mortgages Move to Raise Cash (New York Times)

The struggling mortgage investment firm Luminent Mortgage Capital and the lender Thornburg Mortgage took steps to bolster their liquidity yesterday, but the companies signaled their troubles were not completely over.

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[Source: Yahoo! News Search Results for mortgages]

UX Mortgages latest lender to postpone new product range (Money Marketing Online)

UX Mortgages has become the latest lender to announce that it has postponed the launch of its new product range due to continued turbulence in the global financial markets. ...

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[Source: Yahoo! News Search Results for mortgages]

Many mortgages are turning toxic (The Salt Lake Tribune)

When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement.

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[Source: Yahoo! News Search Results for mortgages]

Amidst Market Turmoil, Consumers Now Have Access to a New Option: Homeowners Are Now Able to Pay Off Their Mortgages ... (PRWeb)

Next Generation Financial Services has introduced a program that has the potential to greatly improve the financial well being of every homeowner... without risk or sacrifice. Consumers can now pay off their mortgages years in advance by using an innovative new mortgage product called the CASH Asset Manager. (PRWeb Aug 20, 2007) Post Comment:Trackback URL: ...

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[Source: Yahoo! News Search Results for mortgages]

Market chaos needs taming (USATODAY.com via Yahoo! News)

How could something so small delinquent subprime mortgages, which account for less than 2% of U.S. mortgage lending trigger a financial meltdown so severe that it drove the formerly thriving stock market down 10%, sharply tightened credit for both homeowners and businesses, and even scared the Federal Reserve?

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[Source: Yahoo! News Search Results for mortgages]

Modern marriage and mortgages enter Chinese lexicon (Reuters via Yahoo! News)

Rapid social change, Western pop culture and the use of English have prompted Chinese authorities to add 171 terms to the national language registry, including those to denote mortgage slaves and loose marital arrangements.

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[Source: Yahoo! News Search Results for mortgages]

30-year mortgages inch up after three weeks of declines (Contra Costa Times)

WASHINGTON -- Rates on 30-year mortgages edged up slightly this week after falling for three straight weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.

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[Source: Yahoo! News Search Results for mortgages]

Few Heard Ticking Credit Time Bomb (New York Times)

There were ample warning signs that a financial time-bomb in the form of subprime mortgages was ticking quietly for months.

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[Source: Yahoo! News Search Results for mortgages]

Debt Settlement for Reducing Debt.

Debt settlement is a drastic measure for reducing your debt. It involves negotiating with your credit companies to have your debt “settled in full” in return for a one off payment, usually much less that the outstanding balance. Usually debt settlement will be done through a third party, in this case, one of a [...]

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[Source: Mortgage Blog]

DB Mortgages to increase sub-prime rates by 1 per cent (Money Marketing Online)

DB Mortgages says it will be increasing rates on its sub-prime products by 1 per cent when it relaunches its range on August 20.

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[Source: Yahoo! News Search Results for mortgages]

Homebuyers Go For Flexible Mortgages (Ananova)

More homeowners are now opting for variable rate mortgages than fixed rate ones as consumers speculate that interest rates may have peaked, new figures have shown.

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[Source: Yahoo! News Search Results for mortgages]

NovaStar stops offering wholesale mortgages again, lays off 500 (Market Watch)

SAN FRANCISCO (MarketWatch) -- NovaStar Financial said on Friday that it has stopped offering mortgages through its main wholesale business, less than two weeks after the company re-started the unit.

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[Source: Yahoo! News Search Results for mortgages]

30-year mortgages edge up to 6.62% (Baltimore Sun)

After falling for three straight weeks, rates on 30-year mortgages edged up slightly for the week that ended yesterday.

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[Source: Yahoo! News Search Results for mortgages]

National Bank raising rates for some short-term mortgages, five-year variable rate (CP via Yahoo! Canada News)

MONTREAL (CP) - National Bank (TSX:NA) is raising the interest rates charged on some of the mortgages it offers, effective Friday.

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[Source: Yahoo! News Search Results for mortgages]

Mortgage Defaults

There has been a lot of press coverage over the recent mortgage defaults in the US housing Market. Although, mortgage defaults are primarily occurring in the sub prime (adverse mortgage) mortgage sector, defaults are also occurring in other areas. These mortgage defaults are causing banks and investment trusts to wipe off billions of dollars, due [...]

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[Source: Mortgage Blog]

Government May Insure More Mortgages (The Tampa Tribune)

WASHINGTON - First-time homebuyers and people with poor credit would have greater access to federally insured mortgages under bipartisan legislation lawmakers are likely to take up this fall.

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[Source: Yahoo! News Search Results for mortgages]

High-risk mortgages prompt hike in Indianapolis foreclosures (WTHR Indianapolis)

Hundreds of foreclosed Indiana homes are on the auction block, many of them because of high-risk mortgages homeowners could no longer pay.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-year mortgages edge up after 3 weeks of declines (The Times of Northwest Indiana)

WASHINGTON | Rates on 30-year mortgages edged up slightly this week after falling for three straight weeks.

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[Source: Yahoo! News Search Results for mortgages]

How to avoid defaulting on Mortgage Payments

The rise in number of mortgage defaults is caused by many factors. see: mortgage defaults. In the US, and to a lesser extent in the UK, increasing numbers of homeowners are struggling to meet their mortgage payments and are facing the possibility of their home being repossessed. If this is the case and you are [...]

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[Source: Mortgage Blog]

Mayor of Dsseldorf, often known as 'Nippon on the Rhine,' curses subprime problems (International Herald Tribune)

Within five days last month, two of the biggest banks in the city, WestLB and IKB Deutsche Industriebank, removed their top executives after losses from trading and investments in U.S. subprime mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Rates Up on Jumbo Mortgages (AP via Yahoo! Finance)

Rates on jumbo mortgages continue to rise, a trend that will largely affect homeowners in some of the country's most expensive real-estate markets.

Read More...

[Source: Yahoo! News Search Results for mortgages]

DB Mortgages withdraws self-cert and first time buyer sub-prime mortgages (Money Marketing Online)

DB mortgages is withdrawing the self-cert option and will not longer accept first time buyers on its sub-prime mortgages from August 20.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Buy-to-let mortgages hit new highs (Daily Telegraph)

Landlords have taken out a record number of buy-to-let mortgages, despite the well-flagged slowdown in the property market, according to latest figures from the Council of Mortgage Lenders (CML).

Read More...

[Source: Yahoo! News Search Results for mortgages]

Federal Reserve finds banks tightening standards on subprime mortgages (The York Dispatch)

WASHINGTON -- More banks have tightened lending standards on subprime mortgages, the Federal Reserve said yesterday in a survey that provided further evidence of spreading problems.

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[Source: Yahoo! News Search Results for mortgages]

Fixed-rate mortgages more popular than ever (Reuters.co.uk)

LONDON (Reuters) - A record proportion of homebuyers took out fixed-rate mortgages in June, a survey shows.

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[Source: Yahoo! News Search Results for mortgages]

Suggested Articles

7 Tips for avoiding a lifetime of debt at Pick the BrainFinance Tips for those Leaving College10 Painful but effective ways to reduce debtEconomics of Falling stock Markets at Economics HelpIs the Thought of debt ruling your life? at Clever DudeCarnival of personal finance at My Open Wallet

Read More...

[Source: Mortgage Blog]

Banks tighten lending on mortgages (The Buffalo News)

WASHINGTON More banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of spreading problems.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Federal Reserve finds banks tightening standards on subprime mortgages (The Times of Northwest Indiana)

WASHINGTON | A majority of the nation's banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of spreading problems.

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[Source: Yahoo! News Search Results for mortgages]

Buy-to-let mortgages smash records (Daily Telegraph)

Landlords have taken out a record number of buy-to-let mortgages, despite the well-flagged slowdown in the property market, according to latest figures from the Council of Mortgage Lenders.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Homeowners pile out of adjustable mortgages (Reuters via Yahoo! News)

U.S. homeowners continued to pile out of adjustable-rate mortgages taken out during the housing boom in a bid to escape interest-rate volatility plaguing markets, according to Freddie Mac data.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Lenders cut back on zero-down mortgages (The Tennessean)

In the latest sign that the nationwide credit crunch is worsening, lenders are saying no to borrowers who want no-money-down mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Keeping the Right Balance Between Money and Leisure.

In the past 20 years rising average wages have corresponded with people working longer hours. In many ways this is contrary to expectations; you would expect people with rising living standards to spend less hours at work, and use their increased earning power to enjoy more leisure time.However, it seems increasingly common for people to [...]

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[Source: Mortgage Blog]

How E-Trade mortgages its past, future (MENAFN)

How E-Trade mortgages its past, future

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[Source: Yahoo! News Search Results for mortgages]

Getting my First Mortgage.

On graduating from Oxford university, the idea of buying a house seemed like an impossible dream. It didn’t help that my first job was working as a gardener for 4.50 an hour. After a year of digging up weeds I thought I ought to make use of my first class degree in Economics so [...]

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[Source: Mortgage Blog]

How E-Trade mortgages its past, future (Market Watch)

SAN DIEGO (MarketWatch) -- With the mortgage market going through an upheaval, you would think Mitch Caplan would be ducking for cover.

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[Source: Yahoo! News Search Results for mortgages]

With markets in turmoil, mortgages harder to come by (The Plain Dealer)

Mortgages are tougher to get today than they've been since the 1980s, and it's getting worse day by day.

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[Source: Yahoo! News Search Results for mortgages]

High-risk mortgages become toxic mess (Lexington Herald-Leader)

When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement. Instead, the Lakewood, Colo. skin-care specialist is sinking in financial quicksand amid a widening mortgage morass that's pulling down home prices and threatening to drag the U.S. economy into a recession. "I'm hanging ...

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[Source: Yahoo! News Search Results for mortgages]

High-risk mortgages turning into toxic mess (The Cincinnati Post)

SAN FRANCISCO - When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement. Instead, the Lakewood, Colo., skin-care specialist is sinking in financial quicksand.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Rates on jumbo mortgages rise, though historically not so risky (Market Watch)

CHICAGO (MarketWatch) -- Rates on jumbo mortgages continue to rise, a trend that will largely affect homeowners in some of the country's most expensive real-estate markets.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Buyers likely to pay more for subprime mortgages (Financial Times)

Consumers face paying higher rates for subprime mortgages because of turmoil in the credit markets. DB Mortgages, owned by Deutsche Bank, this week pulled all its subprime mortgage products and is expected to increase their prices when relaunching the range of products later this month.

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[Source: Yahoo! News Search Results for mortgages]

High-risk mortgages turning into toxic economic mess (Mohave Valley News)

SAN FRANCISCO - When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Views on subprime mortgages differ in Europe, U.S. (Detroit Free Press)

FRANKFURT, Germany -- Two continents. Two central banks. Two views of how much danger the subprime mortgage market implosion poses. In Europe, worries that liquidity was drying up because some banks are unable to value securities backed by subprime U.S. mortgages pushed its central bank to inject a torrent of cash into markets on Thursday.

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[Source: Yahoo! News Search Results for mortgages]

30-year fixed-rate mortgages at lowest level in two months (Bradenton Herald)

Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages rates dip to two-month low (The Sacramento Bee)

Interest rates on 30-year fixed mortgages fell this week to their lowest point in two months, a spot of good news for borrowers in an otherwise increasingly-turbulent home loan market.

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[Source: Yahoo! News Search Results for mortgages]

Infinity Mortgages next lender to pull out of sub-prime (Money Marketing Online)

Investec-backed Infinity Mortgages has become the latest lender to announce it will be withdrawing its entire sub-prime mortgage range from the market on August 17. ...

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[Source: Yahoo! News Search Results for mortgages]

Fixed-rate mortgages hit lowest point in 2 months (The Post-Standard)

Freddie Mac, the mortgage company, reported Thursday 30-year, fixed-rate mortgages averaged 6.59 percent. That was down from 6.68 percent last week and the lowest since June, when rates stood at 6.53 percent.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Seniors tap equity with reverse mortgages (USA Today)

Even in the midst of a housing recession, one segment of the mortgage market has been booming: reverse mortgages, which provide a line of credit or monthly payments to seniors 62 or older, using an existing home as collateral.

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[Source: Yahoo! News Search Results for mortgages]

Market Insight: Liquidity crunch tests central bank nerves (FT.com via Yahoo! News)

In recent weeks, traders in the credit world have repeatedly warned that a nasty liquidity crunch was developing in some rarefied financial corners, such as complex securities linked to mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Bush against more mortgages for Fannie, Freddie (Market Watch)

WASHINGTON (MarketWatch) -- President Bush said Thursday that he's against letting Fannie Mae and Freddie Mac buy more home loans in an effort to prop up the sagging mortgage market, commenting that he prefers to reform the two entities first.

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[Source: Yahoo! News Search Results for mortgages]

Dow plunges 300 on mortgage concerns (AP via Yahoo! News)

Wall Street fell sharply again Thursday after a French bank said it was freezing three funds that invested in U.S. subprime mortgages because it was unable to properly value their assets. The Dow Jones industrials fell more than 270 points.

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[Source: Yahoo! News Search Results for mortgages]

Get a Five-Year Forecast for UK Self-Certification Mortgages (Business Wire via Yahoo! Finance)

DUBLIN, Ireland----Research and Markets has announced the addition of "UK Self-Certification Mortgages 2007 " to their offering.

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[Source: Yahoo! News Search Results for mortgages]

Interest Rate Increases to Peak at 6%

The Bank of England, took the unusual step of saying that interest rates were highly unlikely to rise above 6%. They believe there is still inflationary pressure in the economy. For example, in recent weeks the latest economic data has shown:Strengthening manufacturing sector, output has been increasing more than expectedHouse Prices still Rising. Report by [...]

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[Source: Mortgage Blog]

Why are House Prices so Expensive in the UK?

When my great grandma bought a house in 1911, the price of the house was 600. This was pretty much what it would have cost to build from scratch.Today the average house price in the UK is closer to 200,000.Why are house prices so expensive?1. Demand is greater than Supply.A very simple economic truth: if [...]

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[Source: Mortgage Blog]

Clinton Calls For Reform on Mortgages, Foreclosures (New Hampshire Public Radio)

Speaking in Derry, the New York Democrat proposes a $1 billion fund to help homeowners avoid foreclosure.

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[Source: Yahoo! News Search Results for mortgages]

`Mortgage Disruptions' Will Deepen U.S. Housing Slump (Update3) (Bloomberg.com)

Aug. 8 (Bloomberg) -- U.S. home sales will tumble to a five-year low this year as the widening credit crunch reduces the number of buyers who can get mortgages, the National Association of Realtors said today.

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[Source: Yahoo! News Search Results for mortgages]

Mortgage with Help of Parents

Is it a good idea to get a Mortgage with the help of your parents?Is it a good idea to help your children get a mortgage?In the UK House Prices have risen much faster than average incomes. This means that, despite rising real wages, young people are finding it increasingly difficult to get on the [...]

Read More...

[Source: Mortgage Blog]

Variable mortgages uptake sees 50 per cent increase says Spicerhaart (Money Marketing Online)

The percentage of borrowers opting for variable mortgages has increased by 50 per cent in July, according to the Spicerhaart Financial Services monthly mortgage survey.

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[Source: Yahoo! News Search Results for mortgages]

HomeBanc is latest to halt mortgages (The Charlotte Observer)

A credit crunch in the mortgage business claimed another victim Tuesday when Atlanta-based HomeBanc Corp. said it would stop making loans and sell assets to Countrywide Financial Corp. HomeBanc, which has offices in Charlotte's SouthPark area and Raleigh, said that as of Monday it was no longer able to borrow on credit agreements with other lenders. That left it unable to fund new loans. The ...

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[Source: Yahoo! News Search Results for mortgages]

WaMu tightens rules for mortgages (Seattle Post-Intelligencer)

Washington Mutual Inc., the biggest U.S. savings and loan, has raised requirements for accepting so-called low-documentation mortgages, and UBS AG has stopped taking loans that don't have some proof of a borrower's income and assets as banks reel in their lending practices to avoid losses.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Reverse mortgages move ahead with seniors (Moldova.org)

When the last baby boomers retire, Americans 62 and older will have about $37 trillion in home equity waiting to be tapped, a lenders group says.Given that eye-popping amount, word is spreading about how seniors can use reverse mortgages to tap into money locked in their homes, the Dallas Morning News reported Tuesday.Borrowers are expected to take out 120,000 of the most popular reverse mortgage ...

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[Source: Yahoo! News Search Results for mortgages]

Reverse mortgages move ahead with seniors (EARTHtimes.org)

When the last baby boomers retire, Americans 62 and older will have about $37 trillion in home equity waiting to be tapped, a lenders group says. Given that eye-popping amount, word is spreading about how seniors can use reverse mortgages to tap into mone...

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[Source: Yahoo! News Search Results for mortgages]

Congress may be primed to tackle mortgages (The Columbus Dispatch)

WASHINGTON -- The question hits home in Ohio, a national leader for foreclosures on both subprime and prime mortgage loans: Have federal and state lawmakers and regulators been too slow to intervene and prevent some mortgage companies from making highly questionable loans?

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[Source: Yahoo! News Search Results for mortgages]

Taiwan Shares Fall (AP via Yahoo! Finance)

Taiwan shares fell Tuesday as worries over U.S. subprime mortgages continued to rob investors of confidence. The Weighted Price Index of the Taiwan Stock Exchange dropped 79.42 points, or 0.9 percent, to close at 8,862.31 points on weak volume.

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[Source: Yahoo! News Search Results for mortgages]

Should I Make Extra Mortgage Payments?

If you have a flexible mortgage, making extra mortgage payments can save you substantial sums - much more than the initial cost. Quite often, people don’t look upon a mortgage as debt and so are in no rush to pay it off. However, it is definitely a type of debt and is constantly accumulating interest. [...]

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[Source: Mortgage Blog]

Luminent, which buys mortgages, suspends dividend (Reuters via Yahoo! Asia News)

NEW YORK, Aug 6 (Reuters) - Luminent Mortgage Capital Inc on Monday said it suspended its 32 cents per share quarterly dividend and is exploring options to boost liquidity, becoming the latest casualty of the U.S. housing downturn.

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[Source: Yahoo! News Search Results for mortgages]

Reverse mortgages moving forward (Dallas Morning News)

Home may be where the heart is, but it's also where the money is for millions of seniors.

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[Source: Yahoo! News Search Results for mortgages]

Residents facing home truths over mortgages (icCroydon)

MORE and more Croydon residents face losing their homes as rising interest rates leave them struggling to pay mortgages, debt experts have warned. In the first three months of this year, 441 houses in Croydon were repossessed, the second highest level for any London borough.

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[Source: Yahoo! News Search Results for mortgages]

The Mortgages Welbog reaches the end of its term

It is my sad duty to inform all readers that this blog is retiring as of today. Our editorial priorites have gradually changed here at Weblogs, Inc., and while we are glad to have published in this space, the time has come to concentrate our resources elsewhere. As usual with our retired blogs, the Mortgages Weblog will remain visible and accessible, an archive of the excellent posts it holds. Thanks to everyone for reading!

(For fresh blogging about investing news, head over to the dynamic BloggingStocks.)

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[Source: The Mortgages Weblog]

Types of Mortgage Fraud - Raising Awareness

There are many types of mortgage fraud, but to raise awareness about this extremely rampant crime - we all need to be aware of the different types of fraud that are used. As one of our readers pointed out, there are FBI agents that are currently pursuing individuals and groups who are not only committing crimes with full intention of defrauding their customers, but they are also actively investigating common documentation "errors" that can be construed as mortgage fraud.

While not all mortgage professionals are intentionally participating in criminal activity, the only way to stop the "mistakes" that can lead to criminal prosecution is to become truly educated in the mortgage process, and make sure that all the documentation is correct and complete. It is extremely important that the lender or broker provide copies of ALL documentation.

As a consumer, the best protection that you can give yourself is education. Read all documentation BEFORE you sign. Don't just trust that your mortgage broker or lender is going to be completely honest with you. Remember - their paycheck depends on the outcome of the transaction. If you feel uncomfortable, don't give in to pressure, you must feel comfortable with every aspect of the purchase, and may even be in your best interest to have an attorney go over the documents before you sign. If you are put into a position in which you do feel overly pressured, there may be a problem - there may be a hidden agenda that is in the works, and you have every right to take some extra time to read through the disclosures and the documents that you are signing. The key is education - so if you don't understand something, ask questions until you do.

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[Source: The Mortgages Weblog]

Distractions in the Mortgage Office - Part Two

If you plan to continue working in the office, you may want to consider a few things that are sure-fire distractions. For example, you will definitely want to avoid these time consuming activities: Gossiping co-workers, personal phone calls, phone calls from rate shoppers, driving aimlessly while wondering how to get more business, discussions of recent television shows or office politics, dreaming up other money making ideas (other than mortgages), surfing the net, and one of the most common work-stoppers - Solitairre. Recent studies show that the average office worker (in any field) will spend about two hours on productive activities. In other words, before you put all the blame on your slothful co-workers, you should consider adding a few more productive hours to your day.

If you find that distractions are seeking you out, then you may need to consider a different work environment (such as shutting your door, or working at home.) In the event that you are unable to do either, consider pointing out to your fellow mortgage originators or brokers that with less than two hours of productive work in any given day, by the end of the 40-60 hour work week, the total number of "working" hours is lowered to just 10 hours. This makes sense in a job where you are paid by the hour, but it sure makes you wonder what your total monthly income would be in a commission only career if you were to actually WORK for the entire 40 hours per week - you'd be amazed.

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[Source: The Mortgages Weblog]

Lex: UK mortgages (Financial Times)

A perfect storm is brewing in the UK mortgage market, whipping competition among lenders to unusually ferocious levels. For one thing, rising interest rates have started at last to choke demand.

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[Source: Yahoo! News Search Results for mortgages]

Foreclosures Rates Jumped in June

Filed under: News by state

In May of 2006 the national foreclosure numbers came in with a grand total of 62,432. This number quickly jumped up by 7.4% with one in 1,726 households in foreclosure by June. While the total number for June topped out at 67,024 - six states have made up for more than half of the nations total.

Texas, Florida, Georgia, Ohio, and Illinois hold rates higher than the national average. California also made it into the top six states, with an increase of 19%. These six states together account for over 37,000 of the national foreclosure totals. In June alone, Texas had the highest foreclosure rate, totalling 12,693 - a 69% increase from May, raising the state's foreclosure rate to 2.7 times the national average.

This data was compiled using RealtyTrac, and many have speculated that these numbers are a small indication of what we may be seeing in the years 2007 and 2008 due to the large numbers of mortgage resets scheduled to begin in January. So far, there is very little to indicate that these numbers are not a forecast of what is to come. With the great number of exotic loans and interest only mortgages in the hands of homeowners that are already financially strapped, there is a great chance that these numbers will continue to rise, and many will find foreclosure unavoidable.

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[Source: The Mortgages Weblog]

Distractions in the Mortgage Office - Part One

Filed under: Mortgage servicing

One of the more common "distractions" in the office (granted, this issue is not limited to the mortgage industry) is a non-producing attitude in co-workers. Although there are many techniques to avoiding the distractions associated with workplace sloths, you're going to need a bit of self control and discipline to pull it off, whether you choose to remain in the office, or take your work home with you.

One very realistic solution for many mortgage professionals is to set up shop in your home office. One of the most important factors in originating mortgages from the home is local and state laws. In some states, there may be laws regulating how the information is stored (such as in a locked room, locked file cabinet, etc.) If you're considering working from your home, you should also be aware of the possibilities of distractions in the home, such as T.V., family members, too many breaks, or other potentially distracting factors. Be sure that you set up your home office to prevent distractions, such as using a spare room with a door that you can close, and telephone line, computer & internet, a file cabinet and a fax machine.

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[Source: The Mortgages Weblog]

Getting Your Docs Signed Faster and Easier

I received a free disc in the mail, and I am truly impressed with the program. I usually don't like to try out the programs because there are so many so-called free programs that turn out to be demos. But this one said it was fully free, so I thought - what the heck.

The program is called SureDocs (some of you may already use the program.) The best thing, and worth mentioning first, is that it's FREE until January. So what does it do? Well - the part I like the best, it works within any LOS or application you are already using, sort of like a docs printer for your PC, and makes it clear where to sign with some really nifty "Sign Here" and "Date Here" symbols. Documents are immediately sent to you with an audit trail of when it was received, read, and signed. It can be easy to use either electronically with digital signatures, or the docs can be produced in PDF format for easy printing and faxing. It's definitely worth a try, and it's totally secure. Pick up a copy of the SureDocs program if you don't have a disc by visiting their download site.

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[Source: The Mortgages Weblog]

Finance Tips for those Leaving College.

On leaving college / University you will probably find yourself in a combined situation of:Large Debt.Paying a high % of income on Rent.Struggling to Get On property ladder.Working hard in a new job.If you have recently left college and entering into the field of work, these are my financial tips to help improve your long [...]

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[Source: Mortgage Blog]

What can we learn from the US Sub Prime Mortgage Collapse?

Recent problems in the American sub prime mortgage industry are well documented. It is causing a record number of home repossessions and is illustrating the inadequacy of proper checks in this section of the market. What can we learn from the problems in the sub prime market?1. Never trust a mortgage salesman.What is clear from [...]

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[Source: Mortgage Blog]

Need Mortgage Education? Here are a few places to start...

Filed under: Mortgage servicing

One of my favorites is Mortgage Professor, run by Jack M. Guttentag. It is indepth, it covers a huge number of subjects that can be useful not only to buyers, borrowers, and sellers, but to mortgage professionals - and it's not written in mortgagese. You can visit their website for quick tips, better understanding of specific loan types, and more. Another well-put-together informational geared towards educating consumers against mortgage fraud is the "Stop Mortgage Fraud" website. They cover a great deal of information that can educate borrowers and mortgage professionals alike. For "lender specific" education, such as information about Freddie Mac, Fannie Mae, or HUD, visit their websites. Each has training and educational tools, and some even have classes or scheduled internet events that you can be a part of.

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[Source: The Mortgages Weblog]

Guide to Getting your First Mortgage

For those in their early 20s, getting their first mortgage is increasingly difficult as house prices continue to rise faster than incomes. Nevertheless their are options for enabling a larger mortgage.Things worth considering include:Borrow a deposit from parents (if this is possible) - a large deposit increases the chance of getting a good mortgage.Guarantor Mortgage. [...]

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[Source: Mortgage Blog]

Fannie Mae Asks Regulator to Raise Loan Purchase Cap, WSJ Says (Bloomberg.com)

Aug. 6 (Bloomberg) -- Fannie Mae, the largest U.S. home loan company, asked its regulator to raise the maximum amount of home mortgages and related securities the company can hold to help provide more liquidity to the market, the Wall Street Journal reported.

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[Source: Yahoo! News Search Results for mortgages]

You've Got Mail - Mortgage Mail

Filed under: Mortgage servicing

So over the next few years, many mortgage holders will find that their mailboxes may be filling up with offers to help you refinance your mortgage. This is a serious time to consider your options. If you have a mortgage that has a low introductory rate, and you are nervous that your interest rate may rise out of control - you may actually be a prime candidate for the opportunity to break out of the adjustable rate mortgage. Although there are many people that are actually benefiting from the ARM - if your payments are already as much as you can handle - consider your options before the mortgage resets. When this happens, (for many borrowers, this could as much as double the payments) the payment shock can be overwhelming, and many borrowers could be in danger of default.

There are options that can prevent the drastic rate hike, and talking to a lender or broker that you trust can be the best option available. If you don't already have someone you trust, ask your friends and family. If you still don't have anyone you can talk to, the best thing you could do would be to talk to several mortgage and loan companies. Don't take the first answer you get as written in stone, you should definitely shop around. Also, don't be afraid to tell them that you are shopping around, you may actually get a better response, and a fair quote. Some loan officers will quote you the low introductory rates, and then you are subject to the same problems you may already have been experiencing. Not all mortgages are the same, and not all of them work in the same way. Use a mortgage calculator to come up with some figures that you are comfortable with, and then bring those figures to your lender. Discuss the possibilities with your loan officer, there are definitely things you can do to prevent disaster before your mortgage resets.

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[Source: The Mortgages Weblog]

Mortgage Training Should Not Be An Option

Filed under: Mortgage servicing

When I first started in this business, I signed a contract that stated that I would be "fully trained" by the company that I signed on with. What a surprise it was to find out that I was supposed to "fake it until I make it." Many times when I would ask for help I was told that the answers would come to me over time, and to speak with confidence - that way the customer would have confidence in me.

Prior to getting into the mortgage business, I studied real estate in two states, Oregon and California. I was required to take many hours of courses and to have a certificate of completion prior to taking any tests for my licensure. But years later, as I sat with a blank expression on my face in my mortgage broker's office, I found myself wondering something I'm sure I wasn't alone in: Why don't mortgage brokers and loan officers face such a rigorous learning program?? I still to this day have not come up with an answer.

Today, more than ever, I am pushing for loan officers and consumers alike to educate themselves. I would highly recommend that ALL borrowers take a class or two, do internet research, and talk to many loan officers before locking yourself in with the first LO you find. It's not enough anymore to "trust" that brokers and LO's know what they are doing, many of them do know what they are doing - and many times - it's not good. My father had the best advice growing up: "If you want something done right, do it yourself." I've rambled and vented, and I believe that my point is this: education, education, education. Whether you are an industry professional, or a consumer, if you are educated - even self educated - you stand a better chance at obtaining the desired results.

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[Source: The Mortgages Weblog]

Using Home Equity to Pay Off Credit Debt

Many homeowners around the world are turning to home equity loans, and home equity lines of credit, and even their IRAs and 401(K) funds to decrease or eliminate their credit card debt. Partly fueled by the recent growth in home equity and home values, partially due to lower interest rates on home loans, thousands of people per day are shifting their debt from their cards to their homes. While in some cases this can be beneficial, there are some very real hidden dangers to be aware of when chosing an option that involves taking from your home equity.

One thing that many borrowers are not aware of - or are chosing to ignore - is the definite possibility of homes in your area experiencing a "leveling off" of home values. While over the past few years the equity seemed to grow at an unreasonable rate - without much effort on the part of the borrower, that same equity could essentially disappear just as quickly. In addition to leveling home values, most ARMs are scheduled to begin to reset as early as 2007, and many homeowners will find themselves with a much higher monthly mortgage payment. For those who have a large enough monthly income to compensate for the higher payments, the jump in interest rates may not have as severe of an effect. But most borrowers will experience payment shock - even without adding in the credit card debt, and have a hard time with the monthly payments.

If a borrower has a low monthly payment now, and a higher than normal property value - it can cause a false sense of security, and lead to choices that would not otherwise be made based on the equity in the home. One of the most important thing to remember, is that there are collectors paid to collect on the credit card debt, and by not making the monthly payments on the debt - you could have your cards taken away. When you struggle to pay your monthly mortgage payments, the price is much higher - you could eventually lose your home. Taking the extreme risk of paying off credit card debt may seem like a wise decision due to the difference in interest rates between credit cards and mortgages, but weighing your options as well as the risks may save your home. And the biggest danger of all?? Most Americans who use their home equity to pay off their credit card debt refuse to change their habits and lifestyles, and actually see their zero-balance cards as an invitation to go shopping - perpetuating the cycle. However, in this cycle, there is one detrimental factor - home values will probably not continue to experience the rise, leaving the borrower with very few recovery options for the future.

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[Source: The Mortgages Weblog]

10 Painful but Effective ways to reduce Debt.

Do you really need to pay off your bills and reduce your monthly outgoings? Some cuts in spending are relatively painless, like for example, switching your gas and electricity supplies. But, if you have done all these easy methods, and still need to save money, here a list of other more painful sacrifices.1. Live With [...]

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[Source: Mortgage Blog]

The Dangers of 125% Financing

There are two main factors that determine how much equity you have in a home: The value of the home, and the amount owed on the home. In other words, if you have a property that is valued at $250,000 and a mortgage loan on which you owe $175,000 then you have $75,000 equity in your home. Since the amount of the loan in a 125% leaves the buyer with no equity, and in most loans, owing more than the home is worth, these loans generally pose the greatest risk and are not usually offered by most lenders. If the homeowner defaults on the mortgage, and the lender forecloses on the property, the lender will require the homeowner to repay the difference - and lose the home.

The present danger with the 125% loan is that many homes values are not rising at the pace they once were. This not only poses a problem for the homeowner, but for the lender as well. At this juncture, if there are lenders out there that are still offering home loans that are above the value of the home, this should be considered a red flag - unless you are taking out the loan to make major improvements on the home that will definitely raise the value of the home.

Some states actually have laws that prevent lenders from loaning out more than the value of the home. Tax deductions are not available on any part of a home equity loan that exceeds the fair market value of the home. The IRS has been monitoring the 125% loans with a watchful eye, making sure than homeowners aren't incorrectly trying to write off too much interest.

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[Source: The Mortgages Weblog]