Meltdown 101: Reform Plan's Impact on Consumers Jun 17, 2009
One signal that administration officials are determined not to let this be just another layer of bureaucracy and complexity: their use of the term "plain vanilla." The agency would require banks and other financial institutions to offer a basic, "plain vanilla" mortgage product with straightforward terms such as a 30-year, fixed-rate mortgage loan. 1. (ABC News -- Wire)
5th Ave. Skyscraper Center of Iranian Mystery Jun 17, 2009
" As for Alavi's relationship to Bank Melli and the Assa Corporation, he says the foundation created a real estate partnership and the mortgage loan for the building on Fifth Avenue was repaid long before the federal government sanctioned Bank Melli. "The U.S. Treasury did not identify Bank Melli as being owned or controlled by the Government of Iran until 1999, or twenty years after the Foundation received a mortgage from Bank Melli and ten years after the mortgage was repaid," he notes.... (Fox News)
Missouri offers new programs to aid first-time home buyers Jun 17, 2009
The MHDC makes a second mortgage loan to the home buyer at the time of closing worth up to 6 percent of the home purchase price or a maximum of 6,750, which is used to help cover down payment and closing costs. The tax credit advance second-mortgage loan must be paired with MHDC financing for the first mortgage in the form of a safe 30-year, fixed-rate mortgage. (Fulton Sun, MO)
WHAT IS A.P.R.? Jun 17, 2009
After the fixed period, the mortgage loan becomes an adjustable which can adjust one or two times a year in most cases. There is a margin, short for profit margin, that the lender adds to the index rate for your interest rate. (Townhall.com)
Home Builder Stocks Lower on New Data Jun 16, 2009
Freddie Mac (FRE) data, meanwhile, showed the average on a 30-year mortgage loan was 5. 59% last week - 73 basis points higher than the average four weeks earlier of 4. (SmartMoney)
The tax credit advantage (700) Jun 16, 2009
As a U.S. Army veteran, Lowman was able to secure a federal mortgage loan with no money down and a 5 percent interest rate fixed for 30 years. They bought the house for $160,000, reduced from an original appraised value of $190,000, he said. (The Herald-Palladium)
Tally: 1 year old, 1,200 homes saved Jun 16, 2009
The idea is to revise the mortgage loan agreement and allow homeowners to keep their property if at all possible. No one was more active in the courtroom than Kelly Gastley, a staff lawyer at for the Indigent Program (VIP), which assigns homeowner cases to a cadre of volunteer attorneys. (Philadelphia Business Journal, PA)
Miami title company owners sentenced in fraud case Jun 6, 2009
In order to carry out the scheme, Marrero, Bacallao and De La Paz conspired with Loarca and Gonzalez, who worked as mortgage loan brokers, to submit fraudulent applications for mortgage loans. The applications included materially false information about the borrowers employment verification, income and deposit funds verification, and rent verification. (South Florida Business Journal, FL)
Mandel buys Fitchburg apartment complex Jun 5, 2009
Financing for the transaction was secured in part through a $20 million mortgage loan originated through the Wisconsin Housing and Economic Development Authority. As a condition of the WHEDA financing deal, Mandel will offer a number of apartments at a reduced rental rate for low- to moderate-income residents. (Milwaukee Business Journal, WI)
Desperately Seeking Mortgage Help Jun 5, 2009
Mortgage Loan Modifications, Homeowners Struggle with Foreclosures - ABC News. Hot Topics. (ABC News -- Business)
Bankruptcy: The healthcare connection Jun 5, 2009
"We ensure our ongoing access to the secondary mortgage market by consistently producing quality mortgages... We make significant investments in personnel and technology to ensure the quality of our mortgage loan production." (From Countrywide's 2005 Form 10-K) ... On Thursday, the Securities and Exchange Commission formally specifically, of misrepresenting the kind of mortgage loans his company made as the housing boom began to lose steam ... From 2005 through 2007, Mozilo, along with David... (Salon)
Local law firm gives real estate seminar Jun 3, 2009
Law changes for residential mortgage loan originators. Home owners association guidelines. (Wichita Business Journal, KS)
Refi rally for TexasLending.com Jun 2, 2009
The company provides residential mortgage loans in Texas, Oklahoma, Florida, Michigan, Missouri and Colorado, servicing all of them from the Dallas office. For the week ending May 22, mortgage loan application volume nationwide was up 28. (Dallas Business Journal, TX)
Mortgage Loan Officer Jun 2, 2009
As one of the nations leading financial institutions, with more than 30,000 employees in nine states, National City offers talented people like you exceptional career opportunities in virtually every area of banking, finance and asset management. Youll work in a diverse and empowering environment, where youll be challenged in exciting ways, supported with excellent training, rewarded for your efforts and given the tools you need to succeed personally and professionally. (Florida Today)
FBI targets bond scam Jun 1, 2009
"The United States is conducting a criminal investigation into the activities of various individuals involved in the marketing of a program which allegedly provides mortgage loan assistance to individuals experiencing financial difficulties," wrote U.S. attorney Lawrence L. Tong, in the government's response to a motion to return the seized property and cash. "The government has not yet brought charges against any of the individuals, and the nature and scope of the ongoing investigation is... (Honolulu Advertiser)
Deeds recorded May 11-15, 2009 in Volusia May 31, 2009
LaSalle Bank National Association, Merrill Lynch First Franklin Mortgage Loan Trust and Home Loan Services Inc. to Stanley Freeman, lot 3, Sandy Oaks, $115,900. ORMOND-BY-THE-SEA. (Daytona Beach News Journal -- Business)
Business briefs May 31, 2009
The WCDA specializing in first-time homebuyer mortgage loan products. Grants offered for grazing projects. (Casper Star-Tribune, WY)
Home sales up, but prices down More foreclosures expected to flood Pinal market May 30, 2009
The assistance is in the form of a second mortgage loan with no interest, no monthly payment and the opportunity to be forgivable after a period of time. Factors for eligibility include median income, current debt-to-income ratio, using the home as a primary residence and attending a homebuyer education class. (Casa Grande Valley Newspapers, AZ)
Paying extra principal each year will help that mortgage balance shrink sooner May 30, 2009
I have a new mortgage loan of $328,000 at 5. 25 percent. (Boston Globe)
Colo. in middle for mortgage foreclosures May 29, 2009
Colorado s mortgage loan delinquency rate was among the lowest in the nation in the first quarter, and ranked in the middle of the 50 states in terms of number of foreclosures started, according to data released Thursday by the ... Colorado s mortgage loan delinquency rate fell to 5. (Denver Business Journal, CO)
Has Wells Fargo Stock Run Too Far? May 28, 2009
For instance, bank examiners were relatively tough on Wells' primary mortgage loan portfolio, predicting that nearly 12% of the loans would default over the next two years. This compares to an estimated loss for Citigroup of just 8% for its primary mortgage loans ... More of Wells' mortgage loans are concentrated in California than Citigroup. (Time.com)
State House News Briefs May 28, 2009
In a statement, Warren Group CEO Tim Warren said he was a little cautious about being overly optimistic due to a continued high rate of unemployment and an upward trend in mortgage loan delinquencies. Bikers lobby lawmakers. (Burlington Union, MA)
Deeds recorded April 27-May 1, 2009 in Volusia May 23, 2009
US Bank National Association, EMC Mortgage Corp. and Citigroup Mortgage Loan Trust Inc. to Adair D. and Beth A. Dillaha, Unit 505, Oceanwalk at New Smyrna Beach, $200,000. Daniel R. Priehs to Veronica M. and Mario J. Spina, lot 2, block E, Sea Woods, Unit 1, $165,000. (Daytona Beach News Journal -- Business)
FOXBusiness: More Finance Lawsuits, More Outrage May 23, 2009
It says that they may not extend credit in connection with any refinancing of a residential mortgage loan unless the creditor reasonably and in good faith determines that the refinanced loan will provide a net tangible benefit to the consumer. The measure would order bank regulators to come up with a definition of net tangible benefit. (Fox News)
State Captiol Briefs, Thursday, May 21 May 23, 2009
In a statement, Warren Group CEO Tim Warren said he was a little cautious about being overly optimistic due to a continued high rate of unemployment and an upward trend in mortgage loan delinquencies. BIKERS CIRCLE STATE HOUSE, LOBBY LAWMAKERS Motorcyclists rode up Beacon Hill early Thursday afternoon, cruising to the capitol to lobby lawmakers as part of their annual "Storm the State House" event. (Belmont Citizen Herald, MA)
No comments posted. May 23, 2009
The cast, a veritable dream team, includes Fabio Polanco as Mike, an oily mortgage loan officer who pushes a sub-prime loan on the teacher, a recently divorced mother of three. Arthur (George Roth) is the local banker who worries about getting into the sub-prime loan business. (Cleveland Jewish News, OH)
Deeds recorded March 30-April 3, 2009 in Volusia May 23, 2009
Deutsche Bank National Trust Co., Registered Holders of Argent Mortgage Loan Trust 2, Asset Backed Notes, Series 2005w1 and American Home Mortgage Servicing Inc. to Timothy Sanders, part of lots 19, 18, block 18, Flomich Gardens, $125,500. LAKE HELEN. (Daytona Beach News Journal -- Business)
MBA: Mortgage activity on the rise May 22, 2009
The Market Composite Index, a measure of mortgage loan application volume, rose to 915. 9 from 895. (Austin Business Journal, TX)
April foreclosures drop in Mass. May 22, 2009
An increase in the jobless rate and mortgage loan delinquencies add to concerns that the housing crisis still has a way to go, said Timothy Warren Jr., chief executive of Warren Group. "I'm cautious about being overly optimistic about this latest report," Warren said. (Boston Globe)
Losing Homes And Ending Childhoods May 22, 2009
They owned a house until Gus Sr. lost his job as a mortgage loan processor. The bank foreclosed on their home. (CBS News)
The Post-Foreclosure Phase and REOs May 22, 2009
When a lender obtains title to real estate that had served as collateral for a mortgage loan, the property is designated real estate owned (REO) on the lender s books. The lender considers REOs to be nonperforming assets, in other words, assets that accrue or return no interest or other income. (Suite101.com)
Mortgage rates dip, remain above record lows May 22, 2009
Qualifying for a mortgage loan, however, is still tough. Lenders have tightened their standards dramatically the past year, so the best rates are available to those with solid credit. (USA Today -- Money)
Shop Talk: The latest scoop in business May 20, 2009
mortgage loan officer ... Fifth Third Bank has announced that Debbie Clement has been named mortgage loan officer at the bank s 123 W. Main St. location in Gaylord ... She most recently served as a Mortgage Loan Originator for Countrywide Mortgage. (Gaylord Herald Times, MI)
Britain's parliament speaker resigns May 20, 2009
David Chaytor admitted to The Daily Telegraph that he claimed 13,000 pounds (about 20,000 U.S. dollars) in interest payments for a mortgage loan that had already been paid off. LONDON, May 15 (Xinhua) -- Justice Minister Shahid Malik stepped down Friday pending an investigation of allegations that he paid below-market rent for a house, according to media reports. (Xinhuanet, China)
Michael Martin, speaker of Britain's House of Commons, announced on Tuesday he will step down on June 21 amid the public's rising anger at the expenses scandal involving members of the Parliament (MPs). • Second British Labour MP suspended in scandal May 20, 2009
David Chaytor admitted to The Daily Telegraph that he claimed 13,000 pounds (about 20,000 U.S. dollars) in interest payments for a mortgage loan that had already been paid off. "In respect of mortgage interest payments, there has been an unforgivable error in my accounting procedures for which I apologize unreservedly," Chaytor told the Telegraph in a statement. (Xinhuanet, China)
The big Canadian borrowing squeeze May 20, 2009
Institutions around the world made mortgage loans at very low interest rates and with little equity and few conditions ... The result, however, is that a lender would probably rather make a 40-per-cent mortgage loan to a giant pension fund than to almost anyone else The upshot is less financing for all other projects. (Globe and Mail -- Business)
Alaska Pacific Bank reports 1Q profit May 19, 2009
" The decrease comes from fewer businesses seeking loans because of the current economy. "It's just the nature of the market," Dahl said. At the same time, Alaska Pacific's mortgage banking income has shot up, from $40,000 during the last quarter of 2008 to $230,000 the first quarter of 2009. Dahl said people who had been holding off refinancing or moving to a new house began doing so when mortgage loan rates fell below 5 percent. "I think everyone has been waiting a bit to see what was going to... (Juneau Empire)
Three indicted in alleged mortgage scam May 19, 2009
The Souffrant s also allegedly diverted several million dollars of mortgage loan proceeds to continue to fund the scheme and for their personal use, according to a news release from the U.S. Attorney for the Southern District of Florida. Reader Comments. (South Florida Business Journal, FL)
Fees rise, but appraisers get less per job May 18, 2009
On top of all this, your mortgage loan officer requires you to pay for the appraisal up-front with a credit or debit card, rather than including the fee with the usual lender origination costs at settlement. In some cases, your card may be charged more than the anticipated cost of the appraisal itself - leaving debit cardholders in a potential overdraft situation. (San Francisco Chronicle -- Business)
Harvard president made $775k in first year on job May 16, 2009
He also has a $1 million mortgage loan from the university. Summers's 2007-08 earnings reflect $580,000 in cash compensation, $120,452 in expenses and other allowances, and $31,921 in benefits. (Boston Globe)
Pre-Foreclosure Phase: Time to Buy? May 15, 2009
The mortgage lender may send a delinquency notice before declaring the mortgage loan in default and informing the homeowner that he or she has a limited time to bring the mortgage payments up to date ... If the homeowner fails to pay the delinquent amount of the mortgage loan by the end of the grace period, the lender can initiate a formal foreclosure procedure ... The homeowner pays all of the arrears and late fees and brings the payments up to date, thereby reinstating the mortgage loan. (Suite101.com)
Auburn National Bancorporation, Inc. Declares Quarterly Dividend May 15, 2009
Mortgage loan offices are located in Phenix City, Valley, and Mountain Brook, Alabama. Additional information about the Company and the Bank may be found by visiting. (Primezone Releases)
Waco Foreclosure Rates Rise May 15, 2009
WACO (May 14, 2009)Foreclosure rates were up in March in Waco compared to last year, according to a report released Thursday by First American CoreLogic, which collects national, state and local data on home prices, foreclosures and delinquencies, real estate volume an mortgage loan activity. The report says the rate of home foreclosures was 1 percent in March compared to 0. (KWTX.com, TX)
Denver tackles foreclosures with programs May 14, 2009
Denver officials said the city s Mortgage Credit Certificate Program will help about 180 city homeowners with an adjustable rate single-family mortgage loan originated between Jan. 1, 2002, and Dec. 31, 2007, who are eligible to refinance. The program is funded with $15 million from Denver s Private Activity Bond capacity and $10 million from the state s Private Activity Bond capacity provided under a 2008 state law. (Denver Business Journal, CO)
Dip in refinancing drags down mortgage applications May 14, 2009
The volume of mortgage loan applications for buying and refinancing homes fell 8. 6% in the week ended May 8 from a week earlier, according to the Mortgage Bankers Association's index. (USA Today -- Money)
NH Sen passes 2 consumer protection bills May 14, 2009
Another allows the Banking Department to oversee and check business records for individuals and entities engaged in mortgage loan servicing, debt adjustment and money transmitting businesses. 2009 The Associated Press. (Concord Monitor)
Troubled Palm Beach Mall late on water and power bills, threatened with shut down over public safety May 14, 2009
"All of the rents and expense contributions paid by the mall's tenants are put into an account controlled by the servicer of the mortgage loan," Simon said in a statement. "We have repeatedly asked the servicer (ORIX Capital) to make enough money available to pay all of these expenses.". (The Palm Beach Post)
Coastal Banking Company Reports First Quarter 2009 Earnings May 13, 2009
We feel that we can best serve the credit needs of our markets during this current financial crisis by continuing to emphasize wholesale residential mortgage loan originations, especially as we continue to leverage our proceeds from the Treasury Department's TARP program ... 1 million earned in the fourth quarter of 2008 resulting from a significant increase in the gain on sale of mortgage loans ... 01; 10,000,000 shares authorized; 2,568,707 shares issued and outstanding in 2009 and 2008 25,687... (Primezone Releases)
Former Bayview principal sentenced May 12, 2009
A former principal at LP was sentenced on Monday to three years in prison for his role in a mortgage loan scheme that netted him nearly $3 million. In January, Steven Gordon, 47, of Miami, admitted that, between 2001 and 2006, he altered credit information affecting the value of more than 2,800 loans acquired for the Coral Gables-based company s residential mortgage securitization program. (South Florida Business Journal, FL)
EuroBancshares, Inc. Reports Earnings for the First Quarter Ended March 31, 2009 May 12, 2009
Some of the analysis performed to the downgraded mortgage-backed securities included: a. the calculation of their coverage ratios; b. current credit support; c. total delinquency over sixty days; d. average loan-to-values; e. projected defaults considering a conservative additional downside scenario of (5)% in Housing Price Index values for each of the following three years; f. a mortgage loan Conditional Prepayment Rate ("CPR") speed equal to 8 or 15 depending on the approximately last six... (PR Newswire)
Who's Eligible for a Loan Modification under Obama's Plan May 11, 2009
Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights. First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than. (RealtyTimes)
On Your Mind May 11, 2009
Solvent banks are rebelling because they are asked to repeat the very sickness that spiked this recession, namely, giant mortgage loan enterprises like CITI and AIG giving risky housing loans, then going into virtual bankruptcy, and needing mammoth taxpayer bailouts. President Obama and Treasury Secretary Leithner are repeating mistakes and actually prolonging and deepening the recession more. (Sierra Vista Herald, AZ)
ViewPoint Financial Group Reports First Quarter 2009 Earnings May 8, 2009
March 31, December 31, 2009 2008 Mortgage loans: One-to four-family $495,422 33 ... 03 Mortgage loans held for sale 220,793 15 ... 17 Total mortgage loans 1,245,142 85. (PR Newswire)
Higher salaries for UC's new administrators May 8, 2009
He is also entitled to reimbursement of temporary living expenses not to exceed $15,000, expenses to assist with house-hunting and a subsidized mortgage loan. E-mail Jim Doyle at. (San Francisco Chronicle -- Business)
State Capitol Briefs, Wednesday, May 6 May 8, 2009
STATE PUSHES FOR UPDATED MORTGAGE LAWS Beacon Hill needs to adopt changes to its statutes governing mortgage loan originators by July 31 or lose autonomy to the federal government, the state s top bank regulator told lawmakers Wednesday ... If no action is taken, Antonakes said in written testimony to lawmakers, state law is preempted and oversight of non-bank mortgage loan originators shifts to the United State Department of Housing and Urban Development. (Belmont Citizen Herald, MA)
Mortgage Applications Up, Despite Rate Rise May 7, 2009
The Market Composite Index, a measure of mortgage loan application volume, was 979. 7, an increase of 2. (Realtor Magazine Online)
Disney joins NBC and News Corp. with Hulu stake May 6, 2009
We offer many mortgage loan programs. Call us today. (Yahoo News -- Technology)
Stimulus bill to help homebuyers May 5, 2009
If people are going to refinance their home, Patriot Lending Group Mortgage Loan Officer Therold Bateman suggested two questions to ask. "What kind of rate can I get?" and "How long am I going to stay in the home?". (Rexburg Standard Journal, ID)
Isn't a contract a contract? May 4, 2009
Many of these policies require you to pay the same yearly premium throughout the life of your mortgage loan, despite the fact that your loan will decrease in value over the years. I don't recommend these policies. (San Francisco Chronicle -- Business)
High time to refinance your loan? May 2, 2009
Customer retention is the name of the game for mortgage loan, she says, quoting Hong Leong Bank Bhds statement. In view of economic uncertainty, Leong says most economists expect some downward revision in BLR but none expect them to be sustantial. (The Star Online, Malaysia)
Are Atlanta area home prices at bottom? May 1, 2009
375 for a $200,000, 30-year mortgage loan with 20 percent down, according to bankrate. com. (Atlanta Journal-Constitution -- Business)
Brooklyn Federal Bancorp, Inc. Announces Operating Results for the Second Quarter of Fiscal 2009, and Announces a Quarterly Cash Dividend of $0.10 Per Share May 1, 2009
The primary purpose for the increased borrowings was to fund mortgage loan originations ... The primary reasons for this increase were a specific allowance of $435,000 established for a non-accruing, vacant multi-family loan property, as well as increases in our originations of higher risk loans, including commercial mortgage loans, construction mortgage loans and land loans ... The Bank continues to transfer loans from our held-for-sale portfolio to our mortgage loan receivable portfolio after... (PR Newswire)
Valley Commerce Bancorp Reports Earnings For First Quarter 2009 May 1, 2009
The Company's non-interest income increased in the categories of service charges on deposits, earnings on bank-owned life insurance, mortgage loan underwriting fees, and account analysis charges. These were offset by decreases in fees from other service charges, including non-sufficient funds and overdraft fees. (PR Newswire)
Banco Santander Chile Announces First Quarter 2009 Earnings Apr 30, 2009
As of March 31, 2009, Santander Chile's loan to deposit ratio (excluding portion of mortgage loan funded through bonds) reached a healthy 96. 5%, improving from 91. (PR Newswire)
Cap and trade will result in tax hike Apr 30, 2009
Not to worry though; if we can t pay all these taxes, we can always take out a government reverse mortgage loan on the equity in our homes. Patti Kanduch. (Missoulian, MT)
