Study up on mortgages (Daily Press)

T he news in the housing sector just keeps getting worse.

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[Source: Yahoo! News Search Results for mortgages]

Can These Mortgages Be Saved? (New York Times)

Lenders and government officials contend that troubled borrowers are being helped to stay in their homes. But neither data nor anecdotal evidence supports this view.

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[Source: Yahoo! News Search Results for mortgages]

Subprime mortgages contribute to rise in Oshkosh foreclosures (The Oshkosh Northwestern)

Every once in awhile, as Steve Krueger prepares to auction off a property, someone will walk up and ask him about what will happen.

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[Source: Yahoo! News Search Results for mortgages]

125% Mortgage - 6 Times Income? Try the Northern Rock

In the wake of the Northern Rock crisis many banks have tightened their mortgage lending criteria. However, one bank stands out for refusing to buckle under the pressure of the financial crisis. Northern Rock, who precipitated the crisis by borrowing emergency funds from the Bank of England, has kept its same mortgage products which includes [...]

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[Source: Mortgage Blog]

Flexible Mortgages Reviewed at the Offset Mortgage Centre (PRWeb)

A leading mortgage advice website, The Offset Mortgage Centre, publishes reviews of UK flexible mortgage products. (PRWeb Sep 30, 2007)

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[Source: Yahoo! News Search Results for mortgages]

Defaults on Insured Mortgages Advance 30 Percent (Update1) (Bloomberg.com)

Sept. 28 (Bloomberg) -- Defaults on privately insured U.S. mortgages climbed 30 percent last month from year-earlier levels, an industry trade group reported, adding to evidence that home foreclosures may continue to rise.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages: U.S. long-term fixed mortgage rates rise, ARMs fall (Market Watch)

CHICAGO (MarketWatch) -- Interest rates on long-term fixed mortgages rose again this week while rates on adjustable-rate mortgages fell, according to Freddie Mac's weekly survey released on Thursday.

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[Source: Yahoo! News Search Results for mortgages]

More area homeowners going to fixed-rate mortgages (The Pantagraph)

BLOOMINGTON -- More homeowners these days want to close their front doors on risk.

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[Source: Yahoo! News Search Results for mortgages]

Freddie Mac pays $50M settlement (CNN.com)

WASHINGTON (AP) -- Freddie Mac, the second-largest financier of home mortgages in the United States, is paying a $50 million fine to settle civil securities fraud charges brought by federal regulators in a four-year accounting lapse.

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[Source: Yahoo! News Search Results for mortgages]

Number of mortgages approved for people moving house falls for third month (icWales)

THE number of mortgages approved fell for the third month in a row during August as the market continued to show signs of cooling, figures showed yesterday.

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[Source: Yahoo! News Search Results for mortgages]

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

Rates on 30-year mortgages rose for a second straight week, a sharp rebound after hitting a four-month low. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.42 percent this week, up from 6.34 percent last week.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-Year Mortgages Rise (Washington Post)

WASHINGTON -- Rates on 30-year mortgages rose for a second straight week, a sharp rebound after hitting a four-month low.

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[Source: Yahoo! News Search Results for mortgages]

Interest Rate Changes and Risk

Why can banks increase interest rates on mortgage repayments, even though the Bank of England Base rate remains the same?This is a good question from a reader.Recently British and American mortgage lenders have been increasing the cost of their mortgages even though the Base interest rate has not changed. This is the explanation:The Bank of [...]

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[Source: Mortgage Blog]

Rates on 30-year mortgages rise (KRGV-TV Texas)

WASHINGTON (AP) - Rates on 30-year mortgages rose for a second straight week, marking a rebound after hitting a four-month low. Mortgage giant Freddie Mac reports that 30-year, fixed-rate mortgages averaged 6.42 percent this week, up from 6.34 percent last week.

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[Source: Yahoo! News Search Results for mortgages]

Fewer new home mortgages approved (Channel 4)

The number of mortgages approved for people buying a home fell for the third month in a row during August as the market continued to show signs of cooling, new figures show.

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[Source: Yahoo! News Search Results for mortgages]

Getting the Better of Estate Agents

A former estate agent, Pav Sheen has written a book exposing some of the underhand tactics used by estate agents to make more profit.He has published a book Tips, Tricks, Traps: Everything You Need to Know About Estate AgentsThese are some suggestions from his book: Tips for Getting the Better of Estate Agents:Buying a House1. [...]

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[Source: Mortgage Blog]

Homeowners, activists insist lender modify mortgages (The Palm Beach Post)

Dozens of people poured out of a big yellow school bus in Wednesday's rain to protest what they said was Ocwen Financial's predatory lending practices.

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[Source: Yahoo! News Search Results for mortgages]

Interest Rate Predictions

The median forecast for interest rates in the UK, is to fall from 5.75% to 5.25% by the end of 2008.Most economists do not expect interest rates to rise to 6%, especially after recent problems in Northern RockAs an Economist, I feel obliged to point out both sides of the argument. Any prediction about interest [...]

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[Source: Mortgage Blog]

House bill would let courts alter mortgages (Reuters via Yahoo! News)

Bankruptcy courts would be allowed to alter mortgages written by "predatory lenders" in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. House of Representatives on Friday.

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[Source: Yahoo! News Search Results for mortgages]

4:55 p.m. -- Statesman seeks people with adjustable-rate mortgages for story (The Idaho Statesman)

The Idaho Statesman plans a story on consumers with adjustable-rate mortgages that have adjusted recently or will adjust this year. If you have such a mortgage and want to share your story, please contact business reporter Joe Estrella at 377-6465 or jestrella@idahostatesman.com.

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[Source: Yahoo! News Search Results for mortgages]

The Loan That Keeps on Taking (New York Times)

Hundreds of lawsuits are being filed on behalf of borrowers who legal advocates say were shoehorned into homes beyond their means with creative and onerous mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Cheaper Fixed-Rate Mortgages! (The Motley Fool)

Although rates are going up on tracker mortgages, some fixed-rate home loans are getting cheaper. We track down some great rates.

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[Source: Yahoo! News Search Results for mortgages]

House bill would let courts alter mortgages (Reuters via Yahoo! Canada News)

Bankruptcy courts would be allowed to alter mortgages written by "predatory lenders" in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. Representatives on Friday.

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[Source: Yahoo! News Search Results for mortgages]

Borrowers told to lie about wages (BBC News)

People applying for sub-prime mortgages are being advised to lie about their incomes, the BBC has learned.

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[Source: Yahoo! News Search Results for mortgages]

Why The Sub Prime Crisis happened

The sub-prime sector refers to those borrowers who have a history of bad credit. This may range from a simple late payment, to several defaults and even bankruptcy.In America the sub prime sector gained a bad reputation because many mortgage lending companies sold mortgages to people, even though the mortgages were often inappropriate. The problem [...]

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[Source: Mortgage Blog]

Close Brothers suspends operations of specialist lender Close Mortgages (Money Marketing Online)

Investment bank Close Brothers has revealed in its results that it has suspended the operations of its specialist lender Close Mortgages. ...

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[Source: Yahoo! News Search Results for mortgages]

Student Mortgages - Guide

With students being required to take on more debt than ever before, it may seem foolish to think about taking another huge debt at such an early age. However, there are several reasons for students to consider a mortgage and buy a house in their university town.Possibility of Capital Growth. Over the past 10 years [...]

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[Source: Mortgage Blog]

Reverse mortgages into top gear (Daily Telegraph)

THE popularity of reverse mortgages continues to grow exponentially, with a new analysis showing almost one quarter of people who have taken out reverse mortgages against their homes drew down additional funds in the first half of the year.

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[Source: Yahoo! News Search Results for mortgages]

Estate Agents and the Housing Market

Can I just ask why the estate agents are not doing anything regarding house prices. I am a waiting first time buyer that cannot afford to live on her own in a one bedroom flat. I live with my mum who bought our property 7 years ago for 75,ooo and the [...]

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[Source: Mortgage Blog]

Northern Rock bosses don't need mortgages on their palatial homes (Daily Mail)

As Northern Rocks 800,000 home loan customers anxiously await a decision on the future of their mortgage lender, the companys wealthy directors face no such uncertainty

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[Source: Yahoo! News Search Results for mortgages]

High loan-to-value mortgages remain despite turmoil (FT.com via Yahoo! News)

Several banks are continuing to offer high loan-to-value mortgages despite signs that property prices are starting to fall in tough credit-market conditions.

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[Source: Yahoo! News Search Results for mortgages]

Should government Reduce House Price Growth?

First time buyers in their early 20s are at a great disadvantage in buying a house. House prices have risen much faster than incomes, making it very difficult to get on the property ladder. This phenomena has caused a rising wealth generation gap, between those who bought houses 20 years ago, and those who are [...]

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[Source: Mortgage Blog]

Reverse mortgages can be attractive alternative for seniors (Seattle Times)

The reverse mortgage is helping some seniors escape tight spots created by risky mortgages and home-equity lines of credit.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-year mortgages rise slightly after hitting 4-month low (Contra Costa Times)

WASHINGTON -- Rates on 30-year mortgages, after dropping to their lowest point in four months, edged up this week. 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]

'So we borrow our mortgages, then they sell on our debt?' (Guardian Unlimited)

Money is so hard to understand. Newspapers have done their best, with fact boxes offering explanations of private equity and sub-prime mortgages, while on television economics correspondents infantilise their audience with demonstrations of show and tell.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages Plc suspends all heavy and unlimited adverse business (Money Marketing Online)

Mortgages Plc has suspended all of its heavy and unlimited adverse products in its latest criteria change. It has also announced that it will be reducing maximum loan to value on its medium adverse range from 85 per cent to 80 per cent.

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[Source: Yahoo! News Search Results for mortgages]

Investor With Knack for Turnarounds Eyes Mortgages (New York Times)

As mortgage companies face troubled times, an investor who made his name turning around distressed companies sees opportunity in the lending business.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-Year Mortgages Inch Up (Washington Post)

WASHINGTON -- Rates on 30-year mortgages, after dropping to their lowest point in four months, edged up this week.

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[Source: Yahoo! News Search Results for mortgages]

Bear takes $700 mln in write-downs on mortgages, loan commitments (MENAFN)

Bear takes $700 mln in write-downs on mortgages, loan commitments

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[Source: Yahoo! News Search Results for mortgages]

Easy Ways to Save Money

Saving money does not mean we have to have a lower quality lifestyle. Often money is spent on inessential items. Here are a few tips to save money the easy way.1. Getting Fit Need Not be Expensive.Unfortunately losing weight and getting fit is not just a matter of paying 40 a month to join a [...]

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[Source: Mortgage Blog]

Bernanke Opposes Bigger Mortgages for Fannie, Freddie (Update1) (Bloomberg.com)

Sept. 19 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke opposed a push to allow Fannie Mae and Freddie Mac to buy mortgages higher than $417,000, saying it may undermine efforts to strengthen regulation of the two largest U.S. mortgage finance companies.

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[Source: Yahoo! News Search Results for mortgages]

House OKs U.S. backing for troubled mortgages (The Plain Dealer)

Washington - The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.

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[Source: Yahoo! News Search Results for mortgages]

Top 10 Financial Mistakes to Avoid.

1. Spending on Useless Things.We can work very hard to earn money and then we can easily waste our hard earned efforts by purchasing things on a whim. If you are in the habit of spending on things you rarely use or don’t need. Try to be discriminating. Think how many hours of work [...]

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[Source: Mortgage Blog]

House pushing plan to expand FHA's role in mortgages, housing grants (Minneapolis-St. Paul Star Tribune)

WASHINGTON -- Looking to help homeowners avoid foreclosure, the Democratic-controlled House wants to insure mortgages and provide affordable housing grants well beyond limits favored by the Bush administration. The House bill would allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to back refinanced loans for tens of thousands of borrowers ...

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[Source: Yahoo! News Search Results for mortgages]

House plan expands federal backing of some mortgages (The Idaho Statesman)

WASHINGTON The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure. The bill, which passed the House, 348-72, would allow the Federal Ho

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[Source: Yahoo! News Search Results for mortgages]

Spotlight on UK Mortgages (AP via Yahoo! Finance)

MARKET SIZE: The United Kingdom has the largest mortgage market in the European Union, with 11.7 million mortgages worth $2.2 trillion, according to the U.K.'s Council of Mortgage Lenders.

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[Source: Yahoo! News Search Results for mortgages]

House push plan to expand FHA's role in mortgages, housing grants (Boston Globe)

Looking to help homeowners avoid foreclosure, the Democratic-controlled House wants to insure mortgages and provide affordable housing grants well beyond limits favored by the Bush administration.

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[Source: Yahoo! News Search Results for mortgages]

House passes plan to expand FHA's role in mortgages and housing grants (The Journal News)

WASHINGTON - The House yesterday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.

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[Source: Yahoo! News Search Results for mortgages]

House Approves Plan To Back Mortgages (The Tampa Tribune)

WASHINGTON - The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.

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[Source: Yahoo! News Search Results for mortgages]

Are House Prices Set to Drop?

In many US cities House prices are already falling.In the UK, the Northern Rock crisis, has precipitated a decline in consumer confidence and this could be the tipping factor that causes house prices to dropArguments that house prices are due to fall:House Prices increased faster than earningsFirst Time buyers priced out of the marketMortgage lending [...]

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[Source: Mortgage Blog]

Goodbye McMansions? Survey Shows Americans Can't Afford Oversize Homes (Smart Growth Online)

Cloaked by low interest rates, loose credit and risky mortgages over the past several years, the mounting home affordability crisis has now been exposed by the Census Bureau's annual American Community Survey, which shows that the numbers of mortgage holders who spent at least 30 or 50 percent of household incomes on housing went up from 27 to 37 percent and from 10 to 14 percent between 2000 ...

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[Source: Yahoo! News Search Results for mortgages]

National City sees $160M loss on mortgages (CNN Money)

The regional bank projects a loss on the high end of its forecast on loans it gave to customers with minor credit problems.

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[Source: Yahoo! News Search Results for mortgages]

Bad mortgages cut like a knife (Louisiana Weekly)

Again, I am compelled to write about the current debacle of Sub-prime mortgages. Its fury and cancer-like effects on home owners reminds me of the old TV show "Good Times" theme song which stated "easy credit rip-offs". That is just what we have now from California to Florida to Massachusetts.

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[Source: Yahoo! News Search Results for mortgages]

Mortgage Crisis Hits the UK

On my Mortgage News blog, I have been posting articles about the difficulties that UK mortgage lender, Northern Rock has been facing.What happens if your mortgage lender goes bankrupt?Why is Northern Rock facing difficultiesNorthern Rock customers withdraw savings - Should I sell shares in Northern Rock?What can we learn from the US sub prime mortgage [...]

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[Source: Mortgage Blog]

What is the best way to reduce mortgage debt?

If you are able to reduce your mortgage debt you will save on future interest payments. The earlier you pay off your mortgage, the sooner you will be able to focus on increasing your other investments and savings.These are some of the best way to reduce mortgage debtLumpsum Payments. By making lump sum payments you [...]

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[Source: Mortgage Blog]

National City Says Problem Loans Rise (AP via Yahoo! Finance)

National City Corp. said Monday that its residential real estate mortgages at risk of foreclosure have increased by 58 percent over the space of a year, reaching a one-year high in August.

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[Source: Yahoo! News Search Results for mortgages]

p0621 BC-Milk&Mortgages 09-16 1039 9/16/2007 Kroger expands personal finance business to drive store traffic, fee income (Hays Daily News)

Eds: Also moved in advance. Moving on general news and financial services.

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[Source: Yahoo! News Search Results for mortgages]

As mortgage industry adjusts to credit crunch, so do borrowers (Deseret Morning News)

Mortgages are complicated, and lending markets are in flux right now, but savvy, well-positioned consumers can still get the loans they need to buy, build or refinance a home. They just need to pay attention to what's going on, says David Reed, a lending veteran based in Texas and co-author of "Mortgage Confidential." This is an edited transcript of a recent conversation with Reed about the ...

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[Source: Yahoo! News Search Results for mortgages]

Kiwibank defends cut-rate mortgages (The New Zealand Herald)

State-owned Kiwibank last night defended its move to offer cut-rate mortgages, despite its Government masters' wish to see the housing market cool.

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[Source: Yahoo! News Search Results for mortgages]

ESTATE PLANNING: Not sure about value ofreverse mortgages (The Times of Northwest Indiana)

Q: What is your take on reverse mortgages? From what I have read, I don't have much faith in the promotion.

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[Source: Yahoo! News Search Results for mortgages]

Credit crunch takes bite out of market for second mortgages (Sun-Sentinel)

Think it's tough to find a loan for a new house? Try getting a second mortgage on the house you already own.

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[Source: Yahoo! News Search Results for mortgages]

Milk and Mortgages (The Cincinnati Post)

Kroger Co., the nation's largest traditional grocery chain, has been quietly but steadily expanding its financial services business since beginning with a Kroger credit card three years ago. Stores now market mortgages, home equity lines of credit and a just-expanded set of a half-dozen insurance coverages from identity theft to home and life policies.

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[Source: Yahoo! News Search Results for mortgages]

Tips saving for A Mortgage

Unfortunately house prices in the UK, US and Canada have increased much faster than incomes. Despite the recent slowdown in house price growth, it is not easy to save a 10-15% deposit for a house. However, if you are frustrated with paying several hundreds of pounds a month rent, it is worth trying to save [...]

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[Source: Mortgage Blog]

Greenspan didn't initially grasp risks of subprime mortgages (Louisville Courier-Journal)

Even the maestro didn't see it coming. Former Federal Reserve Chairman Alan Greenspan acknowledges that he failed to recognize early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.

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[Source: Yahoo! News Search Results for mortgages]

Infinity Mortgages launches new packaging company (Banking Business Review)

UK-based mortgage lender Infinity Mortgages has launched a new packaging company that will be known as Infocus Mortgage Company, MoneyMarketing has revealed.

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[Source: Yahoo! News Search Results for mortgages]

Greenspan acknowledges he didn't grasp risks of 'subprime' mortgages (The Journal News)

Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.

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[Source: Yahoo! News Search Results for mortgages]

Rates on 30-Year Mortgages Drop Sharply (Washington Post)

WASHINGTON -- Rates on 30-year mortgages dropped this week to the lowest point in four months, providing some relief for people hoping to refinance their existing mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Freddie Mac sues AHM in effort to ensure loan service for thousands of mortgages (FinanzNachrichten)

WASHINGTON (Thomson Financial) - Freddie Mac ( Nachrichten ) this week filed suit in an attempt to force one of its prior mortgage servicers to turn over information needed to continue servicing 800 mln usd worth of mortgages owned by Freddie Mac, now that the mortgage servicer has declared bankruptcy.

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[Source: Yahoo! News Search Results for mortgages]

Greenspan acknowledges he didnt initially grasp risks of subprime mortgages (Naples Daily News)

Even the maestro didnt see it coming. Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to recognize early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.

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[Source: Yahoo! News Search Results for mortgages]

Modified mortgages: Lenders talking, then balking (San Francisco Chronicle)

Congress, banking regulators and President Bush all are plugging a potential way for subprime borrowers to avert foreclosure. Called loan modification or loan workout, it means changing a mortgage's terms to make the payments more affordable. Mortgage lenders...

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[Source: Yahoo! News Search Results for mortgages]

A Home Loan Trap (New York Times)

High fees for early payment can prevent escape for homeowners trying to escape from adjustable rate mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Fieldstone hit with lawsuit alleging defaulted mortgages (The Daily Record)

Adding to the woes of subprime mortgage lender Fieldstone Mortgage Co., Morgan Stanley Mortgage Capital Holdings filed a federal lawsuit Tuesday seeking to recover millions from defaulted mortgages the company bought over a three-year period.

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[Source: Yahoo! News Search Results for mortgages]

Race Gap Seen In Mortgages (The Tampa Tribune)

Minority borrowers received higher-cost mortgages more frequently than whites when they refinanced their homes last year, continuing a trend of racial disparities in home-loan rates, the Federal Reserve said.

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[Source: Yahoo! News Search Results for mortgages]

Paulson: subprime woes to take longer to fix (Reuters via Yahoo! News)

Treasury Secretary Henry Paulson on Wednesday said that problems with U.S. subprime mortgages will take longer to correct than those in other financial markets due to the wave of interest rate resets coming over the next two years.

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[Source: Yahoo! News Search Results for mortgages]

Mortgage reset shock: Not so bad (CNN Money)

The number of adjustable rate mortgages (ARMs) up for reset is set to peak this fall, with an estimated $50 billion worth poised to adjust to higher rates in October.

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[Source: Yahoo! News Search Results for mortgages]

Bristol & West Mortgages adds application facility to Web site (Finextra)

Bristol & West Mortgages (BWM) today announces the launch of consumer online applications for direct customers via bristol-west.co.uk.

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[Source: Yahoo! News Search Results for mortgages]

Paulson asks execs to help strapped homeowners (USA Today)

Treasury Secretary Henry Paulson asked officials of some of the country's biggest financial firms to help make sure subprime homeowners get assistance dealing with sharply rising mortgage payments as their adjustable-rate mortgages reset.

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[Source: Yahoo! News Search Results for mortgages]

Paulson: market turbulence may linger (AP via Yahoo! News)

Treasury Secretary Henry Paulson said Wednesday that the turbulence that has hit financial markets will take some time to be resolved, especially in the area of subprime mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Infinity Mortgages launches new packager Infocus Mortgage Company (Money Marketing Online)

Infinity Mortgages has launched a new packaging company to the market under the name of Infocus Mortgage Company. ...

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[Source: Yahoo! News Search Results for mortgages]

Manatee mortgages leave 45% strapped (Bradenton Herald)

Nearly half of Manatee County homeowners own homes they can ill-afford, new census figures show.

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[Source: Yahoo! News Search Results for mortgages]

Bill Would Raise Fannie, Freddie Loan Limit (Washington Post)

Fannie Mae and Freddie Mac would be allowed to buy mortgages of as much as $500,000 under an amendment to legislation that will likely be voted on next week, Rep. Barney Frank (D-Mass.) said yesterday.

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[Source: Yahoo! News Search Results for mortgages]

Get Low Payments with Interest Only and Adjustable Rate Mortgages (The Bradford Era)

(ARA) - There are so many types of mortgages programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages increase again despite base rate freeze (Daily Mail)

Homeowners face higher mortgage repayments as one of Britain's biggest lenders raise its rates today

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[Source: Yahoo! News Search Results for mortgages]

How To Get the Better of Multinational Companies

1. Don’t stay on existing accounts out of loyalty.If you stay with your existing mortgage company for the duration of the mortgage term, they will thank you very nicely for paying much more than necessary. It may be a bit of hassle to remortgage; but, if you could save 100 a month, then you would [...]

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[Source: Mortgage Blog]

Danske Bank States Present Financial Market Crisis Not Just About U.S. Subprime Mortgages (Nasdaq)

(RTTNews) - Chief economist Carsten Valgreen and Chief analyst Allan von Mehren from Danske Bank remarked on Tuesday that the present financial market crisis is not just about US sub-prime mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Understanding Your Mortgage Rate (The Motley Fool via Yahoo! News)

Fears of recession have the stock market reeling. But for homeowners with adjustable-rate mortgages, recent talk about possible cuts in interest rates is sparking celebrations.

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[Source: Yahoo! News Search Results for mortgages]

NEW RULES FOR MORTGAGES (New York Post)

Fannie Mae and Freddie Mac, the biggest sources of money for U.S. home loans, adopted rules intended to discourage funding of high-risk subprime mortgages, the Office of Federal Housing Enterprise Oversight said yesterday. Fannie Mae and Freddie...

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[Source: Yahoo! News Search Results for mortgages]

TMB offers packagers help following closure of Victoria Mortgages (Money Marketing Online)

TMB has stepped in to help packagers affected by the closure of Victoria Mortgages announced today. The lender has set up a special hotline - 0845 124 1320 - and will give priority to packagers affected by the Victoria Mortgages closure.

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[Source: Yahoo! News Search Results for mortgages]

Overdue mortgages hit all-time high again (Lowell Sun)

WASHINGTON -- The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Schumer wants to lift caps on mortgages (El Paso Times)

Sen. Charles Schumer on Monday proposed two government-sponsored mortgage giants be allowed to increase their role in the home loan market as a stabilizing force for the troubled mortgage industry.

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[Source: Yahoo! News Search Results for mortgages]

Situations where Debt is helpful

There are so many articles advising us how to get out of debt, that we may automatically assume debt is a bad thing. However, there are many occasions when debt can actually be a good thing.These are the situations in which debt can be helpful.1. Mortgage debtThere are few people who could buy a house [...]

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[Source: Mortgage Blog]

Checklist for Remortgaging

Remortgaging can help save upto 100s each month. To make sure you get the best deal, remember these points and suggestions1. When does our current mortgage deal expire? Some mortgages have a time frame such as two years in which there are penalties for moving the account. Make sure you prepare for switching the mortgage [...]

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[Source: Mortgage Blog]

Real Estate by Christie Smythe : High-cost mortgages go across racial lines (Arizona Daily Star)

A recent study of racial disparities in home loans found that Tucsonans bought into a lot of high-cost loans last year regardless of race.

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[Source: Yahoo! News Search Results for mortgages]

No pay violates wage law (Sun-Sentinel)

Q: I work in an office as a commission-only mortgage broker, which literally means commission only. I receive no benefits, and while I am required to work a minimum of 45 hours a week, there are weeks in which I make no money at all, because I have brokered no mortgages.

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[Source: Yahoo! News Search Results for mortgages]

Jumbo loan market shrinks as investors flee risk (BizJournals)

NORTHEAST FLORIDA -- Homes that require mortgages above $417,000 are coming at a higher price for borrowers and lenders. (FNM) (FRE)

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[Source: Yahoo! News Search Results for mortgages]

Competition to make loans to businesses heats up (BizJournals)

SOUTH FLORIDA -- The slowdown in residential mortgages and other housing lending in South Florida is making more dollars available, and at lower rates, for some businesses whose revenue is not directly tied to real estate.

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[Source: Yahoo! News Search Results for mortgages]

Make tracks to escape from fixed-rate mortgages (The Observer)

The cost of fixed-rate mortgages has been coming down in recent weeks, but trackers still offer the cheapest deal for those who can afford to risk their repayment going up and down.

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[Source: Yahoo! News Search Results for mortgages]

[TS] About New York: Fighting an Outbreak of Mortgages Too Good to Be True (New York Times)

Brooklyns Foreclosure Prevention Project has been so inundated with calls from those in trouble with mortgage bills that it had to stop taking them.

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[Source: Yahoo! News Search Results for mortgages]

New York Housing Market

Today, a question from a reader:Hey.. what is your take on the housing market and how is it affecting New York. I don’t know too much about the topic.. is there anyway that you could summarize whats been going on with housing prices.. Thanx.In the Years 1995-2005 there was a record increase in US house [...]

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[Source: Mortgage Blog]

High-cost mortgages hit minorities hard, and lead to foreclosures (Philadelphia Daily News)

CHICAGO - African-American and Hispanic borrowers were more likely to acquire high-cost mortgages than their white peers in 2006, according to a study released Wednesday by community activist group Acorn. And as their adjustable-rate mortgages reset to produce higher monthly payments, many of those homeowners risk losing their homes.

Read More...

[Source: Yahoo! News Search Results for mortgages]

Mortgages entering foreclosures at record high (Reuters via Yahoo! News)

The rate of home loans entering the foreclosure process rose to a record high in the second quarter of 2007, driven largely by failing subprime mortgages, an industry trade group said on Thursday.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages in foreclosure at record high (Washington Post)

WASHINGTON (Reuters) - The rate of home loans in foreclosure rose to a record high in the second quarter of 2007 as more homeowners in California, Florida and other states could not refinance their adjustable-rate mortgages, a trade group said on Thursday.

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[Source: Yahoo! News Search Results for mortgages]

Lehman to fire another 850 workers in mortgages (Reuters via Yahoo! News)

Lehman Brothers Holdings Inc said on Thursday it will fire another 850 workers, or about 3 percent of its work force, as it scales back its mortgage lending efforts globally.

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[Source: Yahoo! News Search Results for mortgages]

Rates on U.S. 30-year mortgages edge up after dropping to lowest point in 3 months (Canadian Business)

Martin Crutsinger September 6, 2007 - 4:00 p.m. WASHINGTON (AP) - After falling for two weeks, rates on 30-year mortgages edged up slightly this week.

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[Source: Yahoo! News Search Results for mortgages]

Mortgages Entering Foreclosures At Record High (Environmental News Network)

WASHINGTON (Reuters) - The rate of home loans entering the foreclosure process rose to a record high in the second quarter of 2007, driven largely by failing subprime mortgages, an industry trade group said on Thursday. The Mortgage Bankers Association said 0.65 percent of loans entered the foreclosure process on a seasonally adjusted basis, 7 basis points higher than the previous quarter and up ...

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[Source: Yahoo! News Search Results for mortgages]

A False Sense of Equity

With so many Americans living with a false sense of security (called home equity), it's no wonder that spending has risen to an all time high. If it's not the pressure to take out a home equity loan to pay off credit card debt, there's the pressure of wanting the big kid toys like boats, cars, and oversized electronics. But what has fueled this excess spending? In part - inflated home values - in which homeowners can borrow money against their equity. The problem is, in some areas of the country, the equity in their homes is due to a temporary "bloating" of the value. This equity used to be viewed as security for the retirement years, but more and more individuals are watching their equity dwindle away while experiencing the rising debt on their home, and payments extending into their golden years. In a world where reality TV is a new form of entertainment, it's like watching a high-stakes game of "reality Monopoly".

Here's just a brief example I was able to witness in my lifetime: A home was purchased around 1970 for a price in the $40k range, and a 30-year mortgage with a monthly payment of around $80. By the mid 90's, the home was nearly paid off, but the car was getting old. The logical solution seemed to be at the time to take out a home equity loan, and buy a new car. Why not - it was becoming an increasingly popular way of obtaining the things that would otherwise not be affordable. Several years later, another new car, then an expensive sewing machine, and finally - a cruise with friends. Today - the home is valued around $300k, and the total monthly payment is in the range of $700. Not one of the more extreme examples, but a great example of the way homeowners view their home equity as a checking account - rather than a savings account.

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[Source: The Mortgages Weblog]

Possible Dangers in Home Equity Loans

Filed under: Interest rates, Mortgage servicing

Now, more than ever, home equity loans have become the "thing to do". With credit cards holding interest rates higher than the rate on most mortgages, homeowners are have been looking towards home equity lines of credit (HELOCs) to buy the toys that they have always dreamed of. Now this may not sound like much of an issue to the untrained ear, but to those in "the know", there is a huge problem brewing in the real estate and mortgage industries. Home prices are beginning to drop in previously booming areas, interest rates slowly climbing, and a burst the number of exotic loans have increased the risk for homeowners, borrowers, and industry professionals. So why are so many mortgage professionals remaining calm? This type of build-up of financial burdens on homeowners brings about a perfect opportunity to cash in on the increasing need to refinance to keep their mortgage payments under control. According to Brad Brunts, with Citi Mortgage, these changes will bring him more business, "It offers an opportunity."

Freddie Mac estimates that Americans took $556 billion in home equity loans or cash-out refinancing programs. With little or no equity left in their homes, many homeowners will find that when their mortgage adjusts, that their payments could nearly double. This may even leave the borrowing homeowner with very few choices, and none of them good. The homeowners could choose to sell their home, but would most likely be in a position in which they owe more on the house than it's worth, and many similar homes on the market.

So is there hope? There is, take action before it's too late. In fact, it would be better to act on it before millions of other interest-only or exotic mortgage holders join the rush to dump their homes on the market.

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[Source: The Mortgages Weblog]

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]

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]

Changes Needed In Mortgage Industry

Is it enough just for consumers to be aware of the issues that the mortgage industry are facing - or maybe the mortgage industry needs to take some responsibility in the relaxed regulations that govern the industry. Possibly, but since that has been a topic of debate among industry leaders due to the increase in publicized mortgage fraud there has been less of an emphasis on the more common problem with loan officers, brokers, and lenders: commission-vision. Okay, so that's not an official, but compared with tunnel-vision the affects are surprisingly similar.

When a professional in the mortgage or lending business only has one thing on their mind, the results can be disasterous for the borrower. There are laws popping up all over the country regulating title loans and payday loans, so why are there not more laws regulating the mortgage industry, designed to protect the consumer? Well, most states have laws, although they could be more defined, and more closely monitored. Some states have no regulatory laws on the industry, and fraud is rising at an alarming rate. But paycheck "boosting" doesn't seem to fit very tightly into the current laws.

So how can you protect yourself as a consumer? Education. Knowledge is power - we've all heard it, but believe it. The more you know about a subject (and are confident about that knowledge) the less likely you are to be dooped. If you were receiving advice from your doctor that you didn't believe or agree with, you may opt for a second opinion - it may be best to also get a second opinion about your mortgage options. Don't believe everything that your loan officer tells you, check it out for yourself - it could save you thousands, or even save your home. The moral of the story? Just don't put all of your marbles into one jar because if it breaks, you may end up loosing your marbles!

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[Source: The Mortgages Weblog]

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]

Homeowners "Needed" Creative Lending

In recent years, it borrowers were finding it more and more difficult to find a home loan that they could afford. But now it is catching up with all of us. Renters were crying out for solutions to high interest rates, bad credit loans, and in general - a way to jump on homeowner's bandwagon. It led the way for the interest only loans, the exotic loan, or as someone once put it - the "toxic loan". The question is, can lenders be creative enough to save millions of homeowners from sure financial disaster? The 40 and 50-year loans aren't gaining momentum the way it was once thought, and refinancing might become an impossibility since lenders are correctly hesitant to hand out 130% loans. Many people were unwittingly victim to the "scare tactics" used to create an urgency to buy before prices skyrocketed beyond affordability. Others bought their homes convinced that they would double their profits over the next few years. Creative lending may not be able to pull troubled homeowners out of the pending crisis at hand - and yet lenders don't seem overly concerned.

In my last post, I reflected on a comment made by a hopeful in the industry, who believes that the troubles that overburdened borrowers could experience may be an "opportunity" for lenders to cash in on the need to refinance. However, what he did not mention was the probability that many homeowners are using their equity as a cash giving ATM machine, and actually facilitating financial doom. A huge portion of buyers who were approved for either interest only or exotic loans would not have qualified under traditional standards. I have probably hit a nerve with some homeowners who feel entitled to own a home even though they can't afford one, but I speak from experience. I am a renter not only due to circumstance, but choice. I could have easily for a creative loan, but under the advice of my father, an attorney, I read the fine print. By doing so, I realized what my payments had the potential to become, and "disqualified" myself as a buyer at that time. I couldn't be happier that I made that decision. Signing the documents that were set before me would have nearly tripled the sticker price of the home. While I stood back and watched the housing market over the past 10 years, I can honestly say - right now the grass is greener in my rented yard, while my landlord stuggles with the rising interest rates and increasing mortgage payments.

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[Source: The Mortgages Weblog]

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]

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]

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]

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]

7 Ways to Avoid Overspending.

Do you have significant debts as a result of overspending? If you do, you are not alone. Modern society makes it particularly easy to spend more than we really should. However, if you want to clear your debts and have greater peace of mind, it is important to tackle the root cause which is overspending.These [...]

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[Source: Mortgage Blog]

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]

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]

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

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[Source: Mortgage Blog]

National Mortgage Regulation System As Soon As 2008

Filed under: News by state, Mortgage servicing

The National Association of Securities Dealers, Inc. and the Conference of State Bank Supervisors have entered into an agreement to develop a nationwide licensing system for state residential mortgage regulators. This 18-month effort, which involves CSBS, the American Association of Residential Mortgage Regulators and the industry to develop uniform mortgage licensing applications that would be used by each state mortgage regulator. Industry leaders are hoping that the system will lead to benefits from access to a national licensing and enforcement repository, and will likely be the result of the uniform application process and produce more closely related regulations throughout the states.

There are quite a few industry skeptics with growing concerns about how such a system will be implemented, but there are a few states that are currently testing the forms for new license applications. We could be seeing this new system available as early as January 2008, and so far a total of 30 state agencies have agreed to participate in the system. An online mortgage banking compliance service, iComply, suggests that careful consideration should be taken when deciding what information will go into the new system. A pilot program was tested in Illinois, in which implementation issues were much more dificult than anyone anticipated.

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[Source: The Mortgages Weblog]