Mortgages

CIT to shed $10 billion mortgage assets - Reuters (Mortgage News)

tedthedj — Wed, 02 Jul 2008 21:39:07 +0000

CIT to shed $10 billion mortgage assets
Reuters - 17 hours ago
N: Quote, Profile, Research) said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the …
CIT Rises on $1.8 Billion Sale of Mortgage Units (Update2) Bloomberg
Lone Star Funds of Dallas buys more subprime Dallas Morning News
CIT Group Is Selling Off Bad Loans New York Times
BusinessWeek - Money Morning
all 275 news articles

CBS News

WaPo: Obama got discount on mortgage
Los Angeles Times, CA - 3 hours ago
He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago. …
The WaPo And Obama's Mortgage Atlantic Online
Obama clarifies mortgage deal Politico
Obama’s mortgage stirs smoke, but no fire The Carpetbagger Report
AOL News Newsbloggers - United Press International
all 42 news articles

Pace of mortgage aid by industry dropped in May
San Diego Union Tribune, United States - 2 hours ago
By Alan Zibel AP WASHINGTON – The pace of the mortgage industry's efforts to assist troubled borrowers declined in May, as critics questioned lenders' …
Pace of housing rescue slows CNNMoney.com
all 9 news articles

Ex-broker to serve 12 years in Pa. mortgage scam
Forbes, NY - 4 hours ago
By PETER JACKSON 07.02.08, 1:03 PM ET A former mortgage broker sentenced to federal prison Wednesday blamed his poor business acumen for causing hundreds of …

Legal team, leadership shaken up at Mortgages Ltd. - Arizona Republic (Mortgage News)

tedthedj — Wed, 02 Jul 2008 21:38:28 +0000

Legal team, leadership shaken up at Mortgages Ltd.
Arizona Republic, AZ - 14 hours ago
2, 2008 12:00 AM Greenberg Traurig will step down as general counsel in Mortgages Ltd.'s bankruptcy proceedings under an agreement the real-estate financier …

BBC News

Mortgages: Home loan approvals plunge 64% as price fall gathers pace
guardian.co.uk, UK - Jun 30, 2008
Mortgages approved for house purchases plummeted 28% in May to their lowest level since records were first kept in 1993, the Bank of England said yesterday. …
House prices set to fall 20% as mortgages plummet Scotsman
BoE: Mortgages for homebuyers dive 64% This is Money
UK mortgage approvals collapse to record low of 42000 Independent
London Stock Exchange - Telegraph.co.uk
all 210 news articles

The Death Of The 100% Mortgage
Motley Fool UK, UK - 6 hours ago
In addition, your deposit gives you access to a wider range of mortgages. However, in recent years, house prices have shot up so fast that savers have been …
Mortgages faminekey to housing crisis Liverpool Echo
all 2 news articles

Wachovia halts negative amortization mortgages
MarketWatch - Jun 30, 2008
By Alistair Barr, MarketWatch SAN FRANCISCO (MarketWatch) — Wachovia Corp. said on Monday that it won't offer mortgages with negative amortization features …
Wachovia Waives Mortgage Fees Wall Street Journal
Wachovia cans pay-what-you-want mortgage plan BloggingStocks
Wachovia Ends Its Option-ARM Program a Year too Late istockAnalyst.com
BusinessWeek - Bizjournals.com
all 163 news articles

Eagan mortgage company owner pleads guilty to fraud, ID theft - Minneapolis Star Tribune (Mortgage News)

tedthedj — Wed, 02 Jul 2008 11:32:27 +0000

Eagan mortgage company owner pleads guilty to fraud, ID theft
Minneapolis Star Tribune, MN - 7 hours ago
An Eagan mortgage company owner pleaded guilty to defrauding several financial institutions out of about $1.8 million and using some of the money to buy …

ITV.com

UK mortgage approvals collapse to record low of 42000
Independent, UK - Jun 30, 2008
By Sean O'Grady, Economics Editor Mortgage lending into the property market in effect collapsed during May, according to the latest figures from the Bank of …
Mortgages: Home loan approvals plunge 64% as price fall gathers pace guardian.co.uk
Mortgage lending 'down 64% year on year' London Stock Exchange
Mortgage lending slump sparks house price fears Telegraph.co.uk
Times Online - Reuters UK
all 205 news articles

CIT Gets the Subprime Monkey Off Its Back - BusinessWeek (Mortgage News)

tedthedj — Wed, 02 Jul 2008 01:31:28 +0000

For some firms that dabbled in real-estate lending, the stock market’s advice seems to be: “Run away at any cost.” As CIT Group ( CIT ) and H&R Block ( HRB ) demonstrate, investors are rewarding once-diversified companies that ditch all Read More

Gov. Mike Easley called on state lawmakers Tuesday to make up for the federal government’s inaction by approving a measure to help some struggling North Carolina homeowners by giving them more latitude to repay their debt. “We’ve all been looking to Read More

July 2 (Bloomberg) — Former Bank of England policy maker Stephen Nickell said the central bank should avoid raising interest rates to curb inflation as the mortgage market edges close to “a famine'’ and wages stay under control. “There isn’t a Read More

Charlotte | Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the options of Wachovia Read More

CIT to shed $10-billion in mortgage assets - Globe and Mail (Mortgage News)

tedthedj — Tue, 01 Jul 2008 15:31:24 +0000

NEW YORK — CIT Group Inc. said Tuesday it agreed to sell nearly $10-billion (U.S.) of mortgage assets, in a deal that removes problem loans from the commercial lender’s balance sheet and lifted its shares 14 per cent in premarket trading. CIT Read More

Florida Attorney General Bill McCollum is set to discuss details of a lawsuit against Countrywide Financial Corp., the nation’s largest mortgage lender. McCollum filed suit against Countrywide on Monday for misleading and unfair trade practices. He Read More

OREM, Utah - (Business Wire) Family First Federal Credit Union today launched MortgageBot, an Internet-based solution that simplifies and streamlines the mortgage lending process for its members. Leveraging online software, Family First members can Read More

Wachovia halts risky mortgage - Asheville Citizen-Times (Mortgage News)

tedthedj — Tue, 01 Jul 2008 05:33:43 +0000

CHARLOTTE – Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the options of Read More

CHARLOTTE, N.C. (AP) — Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the Read More

Angelo Mozilo will step down Tuesday as the head of Countrywide Financial Corp., the company he founded 39 years ago and built into the largest mortgage lender in the U.S. A victim of the mortgage meltdown, Countrywide is being acquired by Bank of Read More

THE Reserve Bank of Australia has decided today to leave interest rates on hold at 7.25 per cent, giving homeowners some relief on mortgage payments. After eight interest rate rises in three years, the central bank is hoping that slowing economic Read More

High-profile projects in limbo - AZCentral.com (Mortgage News)

tedthedj — Mon, 30 Jun 2008 17:32:51 +0000

A celebrity chef was planning the menus, brides were negotiating room rates and 250 staffers were on the payroll. But four months before Hotel Monroe was scheduled to open, its lender went bankrupt. Now it could be at least a year before the 150-room Read More

We have seen the banks collapse and we know that residential mortgages — not private equity or commercial loans — are almost entirely the reason. Read More

June 30 (Bloomberg) — Newly delinquent homeowners with private mortgage insurance outnumbered those who caught up on overdue payments for a 26th straight month in May, according to the Washington-based Mortgage Insurance Companies of America . In Read More

Mortgages Rise Slightly - Wall Street Journal (Mortgage News)

tedthedj — Sun, 29 Jun 2008 20:31:14 +0000

Mortgages Rise Slightly
Wall Street Journal - Jun 26, 2008
WASHINGTON — Home-mortgage rates drifted up this week, with adjustable-rate mortgages climbing the most, Freddie Mac reported Thursday. …

Embattled lender looks to Sarver's company
Arizona Republic, AZ - 17 hours ago
29, 2008 12:00 AM Financing from Phoenix Suns majority owner Robert Sarver's real-estate company could help bankrupt Mortgages Ltd. continue to fund some …

US 30-year mortgage rates rise slightly this week
Reuters - Jun 26, 2008
WASHINGTON, June 26 (Reuters) - US 30-year mortgage rates were nearly unchanged this week, according to a survey released on Thursday by home funding …

The candidates' plans for the mortgage crisis
Detroit Free Press, United States - 13 hours ago
FORECLOSURE FUND: Offer up to $10 billion in government-backed mortgages for homeowners with burdensome post-2005 subprime loans on their primary residence. …
Foreclosure crisis to be a big task for next leader Detroit Free Press
all 2 news articles

Bust, boom or treading water? What’s up with the economy? - Miami Herald (Mortgage News)

tedthedj — Sun, 29 Jun 2008 20:30:35 +0000

Everywhere you turn, the news on the economy seems dire. Oil prices are through the roof, home prices are through the floor, the stock market’s plunging, and the entire U.S. economy seems shaky. Here’s a look at what’s going on, why and when we’ll Read More

NEW YORK June 29, 2008, 02:51 pm ET · The year is nearly halfway over, and Wall Street appears to be on even shakier ground than when it began 2008. And this shortened week ahead of the Fourth of July holiday is unlikely to bring the market enough Read More

MADRID (Thomson Financial) - Spanish Prime Minister Jose Luis Rodriguez Zapatero on Sunday urged the European Central Bank to show ‘flexibility’ in its interest rate policy which he said is too focused on fighting inflation. The bank ’should have a Read More

There is no glaring reason that this five-bedroom Colonial in Waltham has been on the market for three years. The house has one unusual feature: It is situated at the back of the lot, so the expanse of yard is in the front. But it could be any large Read More

Non-performing loans chip away at bank reserves - Chicago Tribune (Mortgage News)

tedthedj — Sun, 29 Jun 2008 10:33:15 +0000

Shaky loans on lenders’ books are rising at a faster pace than the reserves that banks are setting aside to cover potential losses. In Illinois, 45 percent of banks and thrifts with non-performing loans don’t have enough reserves to cover those Read More

When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6 million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen. More than three million Read More

Shareholders of Countrywide Financial have voted for Bank of America ’s estimated $3 billion takeover of the struggling mortgage company. Many analysts and investors publicly wonder why Bank of America would buy the troubled mortgage lender, which Read More