WASHINGTON - Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag - a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.
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One of the best places to get information when you are researching a mortgage is online. You’ll find news, articles, mortgage calculators, production information and just about anything you are looking for. You’ll find explanations of mortgage related information. You’ll find mortgage rates. You can pretty much find anything.
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Mortgage assets are tying up the entire U.S. economy, U.S. Treasury Secretary Henry M. Paulson Jr. said at a press conference Friday. In addition to legislation that will be passed over the next week involving hundreds of billions of dollars, the secretary talked about two immediate steps the administration will take. The first step to be taken includes an increase by Fannie and Freddie in purchases of mortgage-backed securities to provide critical additional funding to mortgage markets. In add
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The Treasury announced a 1-year program that will insure the holdings of any publicly offered eligible money market mutual fund. But the American Bankers Association said it is deeply concerned that the plan might undermine the banking system. "The debt instruments in a money market fund will pay a higher interest rate, and therefore, the fund will pay a higher interest rate than a bank deposit or short-term CD," the trade group's president and chief executive officer said in a press
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South Carolina's 10th Circuit Solicitor has sued LendingTree Inc. LendingTree is accused of violating mortgage broker rules. In addition, the company is accused of failing to disclose its fees to borrowers.
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Mortgage applications jumped by one-third on a seasonally adjusted basis in the Mortgage Bankers Association survey for the week ended Sept. 12. The overall increase in applications was driven by an 88% surge in refinances. The average 30-year fixed-rate mortgage tumbled 15 basis points in Freddie Mac's survey of thrifts, commercial banks and mortgage lending companies for the week ended Sept. 18. The 15-year fixed-rate average fell to its lowest level since March 27. The 1-year Treasury yield
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The Department of Housing and Urban Development issued a mortgagee letter outlining the requirements to be a mortgage originator of home-equity conversion mortgages. HUD explained that HECM originators -- or anyone else involved in the HECM origination process -- cannot participate in, or be associated with, any other financial or insurance activity. Most importantly, mortgagees are prohibited from requiring an HECM borrower to purchase any other financial or insurance product.
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Delinquency of at least 60 days on jumbo residential mortgage-backed securities pools from 2006 averaged 1.8 percent as of August, Moody's Investors Service reported. Delinquency on the 2007 jumbo vintage was 1.9 percent. As a result of the rising delinquency, Moody's has boosted its cumulative loss estimates to between 2.6 percent and 3.1 percent on the 2007 vintage.
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Losses tied to the collapse of share prices for Fannie Mae and Freddie Mac are threatening two banks. Central Bancorp Inc. and Service Bancorp Inc. both said Friday losses in their holdings of the two government sponsored entereprises will likely cause them to lose their well-capitalized standings. Hastings Bancorp Inc. has agreed with the Federal Reserve Board of Kansas City to conserve capital, the Fed said. Thornburg Mortgage Inc. is again warning about its ongoing viability given outstandin
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Fannie Mae issued a bulletin indicating it updated its lender eligibility and contractual requirements. The revisions were prompted by "extraordinary circumstances occurring in the mortgage industry over the past several months," Announcement 08-23 stated. Beginning on Dec. 31, 2008, new lenders will be required to have a $2.5 million net worth, excluding goodwill and other intangible assets.
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