Personal Finance News Dec 2008

RBS to give struggling homeowners more time to pay
AP - Royal Bank of Scotland Group PLC said Monday it would give homeowners who miss mortgage payments at least six months before starting repossession action — double the three months it used to give. (Mon, 01 Dec 2008 08:37:41 GMT)

General Growth Properties gets loan reprieve
AP - General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders. (Mon, 01 Dec 2008 12:19:35 GMT)

Investors sue Countrywide to force loans purchase
Reuters - A group of bond investors sued Bank of America -owned Countrywide Financial on Monday demanding that Countrywide buy every mortgage loan for which it agrees to reduce payments under a predatory lending settlement deal. (Mon, 01 Dec 2008 22:05:05 GMT)

TransUnion: 3Q mortgage delinquencies shoot higher
AP - The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC. (Tue, 02 Dec 2008 11:59:42 GMT)

Beazer loss widens on housing market deterioration
Reuters - Beazer Homes USA posted a wider quarterly loss on Tuesday, citing a further deterioration of the U.S. housing market due to lower consumer confidence levels and reduced access to mortgage financing. (Tue, 02 Dec 2008 12:57:10 GMT)

Investor Sues to Block Mortgage Modifications
BusinessWeek Online - The battle over the mass modifications of troubled mortgages has begun in earnest. On Dec. 1, William Frey, a private investor in mortgage-backed securities, filed a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten by the defunct lender Countrywide Financial is illegal. (Tue, 02 Dec 2008 13:08:44 GMT)

Unicredit offers mortgage relief in Italy
AP - Italy's largest bank Unicredit said Tuesday it will suspend mortgage payment requirements for 12 months without penalties for homeowners in financial difficulty. (Tue, 02 Dec 2008 13:35:31 GMT)

Beazer Homes 4Q loss balloons as revenue plunges
AP - Struggling homebuilder Beazer Homes USA Inc. said Tuesday its fiscal fourth-quarter loss more than tripled as revenue plunged and its income tax provision ballooned. (Tue, 02 Dec 2008 14:25:13 GMT)

Mortgage fraud incidents up 45 pct in 2Q
AP - Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared to the year-ago period, as borrowers misstated their financial information to maneuver around tighter lending standards, industry data released Tuesday showed. (Tue, 02 Dec 2008 19:30:36 GMT)

AIG, U.S. in deal to terminate some debt obligations
Reuters - American International Group Inc and the U.S. government have reached an agreement to clear the insurer of its obligations on about $53.5 billion in toxic mortgage debt, the giant insurer said in a regulatory filing on Tuesday. (Tue, 02 Dec 2008 23:50:45 GMT)

Mortgage applications surge by record amount
Reuters - Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. (Wed, 03 Dec 2008 12:13:06 GMT)

Northern Rock extends repossessions grace period
AP - Northern Rock, the nationalized mortgage lender, said Wednesday it would wait at least six months before moving to repossess homes when payments fall behind. (Wed, 03 Dec 2008 12:29:31 GMT)

Mortgage application, refinance volume surge
AP - Mortgage application volume more than doubled during the shortened Thanksgiving week, according to the Mortgage Bankers Association's weekly application survey. (Wed, 03 Dec 2008 15:30:19 GMT)

Russia to buy out mortgages from banks
AP - Russia's government pledged a mortgage buyout Wednesday and announced more aid for major airlines and other companies beyond an existing $200 billion financial rescue package, Russian news agencies reported. (Wed, 03 Dec 2008 17:14:57 GMT)

Obama says reviewing TARP, eyeing homeowner relief
Reuters - President-elect Barack Obama said on Wednesday he is reviewing whether taxpayers are getting maximum bang for the buck from a $700 billion government financial rescue package and indicated particular interest in helping prevent mortgage foreclosures. (Wed, 03 Dec 2008 17:36:33 GMT)

EU businesses: states should buy company debt
AP - European Union businesses called on EU governments Wednesday to buy up company debt to ease financing and help prevent bankruptcies as the economy shrinks. (Wed, 03 Dec 2008 17:50:21 GMT)

"Bottom's been made" in stocks: Legg Mason's Miller
Reuters - Legg Mason's Bill Miller, a celebrated value investor but whose stock picking is far off the mark this year, said on Wednesday the "bottom has been made" in U.S. equities, and forecast opportunities for strong gains once markets rally. (Wed, 03 Dec 2008 22:05:28 GMT)

SEC adopts new rules for credit-rating agencies
AP - Federal regulators on Wednesday adopted new rules designed to stem conflicts of interest and provide more transparency for Wall Street's credit-rating industry, widely faulted for its role in the subprime mortgage debacle and ensuing credit crisis. (Wed, 03 Dec 2008 23:19:19 GMT)

Financial industry pushes for lower mortgage rates
AP - Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market. (Thu, 04 Dec 2008 00:24:14 GMT)

U.S. working on affordable mortgage plan: sources
Reuters - The Treasury Department is developing a plan to try to reduce mortgage rates on home loans to 4.5 percent on typical mortgages by expanding its purchases of mortgage backed securities, sources familiar with the plan said on Wednesday. (Thu, 04 Dec 2008 01:01:49 GMT)

UK house prices fall at fastest rate in 16 years
AP - House prices in Britain fell at their fastest rate in 16 years during November, the country's biggest mortgage lender said Thursday, reinforcing market expectations that the Bank of England will later cut interest rates by at least another percentage point. (Thu, 04 Dec 2008 10:13:38 GMT)

Toll loss narrows, shares rise sharply
Reuters - Toll Brothers Inc , the largest U.S. luxury home builder, said its quarterly loss narrowed slightly as it wrote down less inventory, and its shares rose sharply as homebuilders extended a rally spurred by improved mortgage rates. (Thu, 04 Dec 2008 15:38:42 GMT)

Seabreeze's Kass favors U.S. stocks over Treasuries
Reuters - Hedge-fund manager Doug Kass, who successfully shorted U.S. equities this year including shares of Fannie Mae and Freddie Mac , is now buying U.S. stocks on the belief that they have hit bottom. (Thu, 04 Dec 2008 15:57:25 GMT)

FDIC's Bair warns investors fighting loan changes
AP - Investors in mortgage securities who are challenging home loan modification programs aimed at avoiding foreclosures could provoke a "backlash" from Congress, the head of the FDIC said Thursday. (Thu, 04 Dec 2008 17:55:26 GMT)

Mortgage rates drop to lowest level since January
AP - Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market. (Thu, 04 Dec 2008 21:27:44 GMT)

Falling mortgage rates can't thaw other credit
AP - Rates may be falling for residential mortgages and the securities backed by them, but there hasn't been a similar loosening in other strained areas of the credit markets. (Thu, 04 Dec 2008 22:28:05 GMT)

Kashkari: Treasury considering mortgage rate plan
AP - The head of the government's financial system rescue effort said Thursday the Treasury Department is considering a program to encourage banks to make mortgage loans at low rates to help revive the battered housing market. (Thu, 04 Dec 2008 22:47:09 GMT)

Mortgage plan shows increased gov't role
AP - If you're looking for a mortgage, Uncle Sam may be the only game in town. (Thu, 04 Dec 2008 23:56:50 GMT)

Mexican Senate passes stricter credit rules
AP - Mexico's Senate has approved stricter consumer credit rules, banning lending practices considered predatory. (Fri, 05 Dec 2008 04:21:50 GMT)

Late mortgage payments and foreclosures hit record
Reuters - Late mortgage payments and the rate of home loans in foreclosure rose to record highs in the third quarter, threatening to escalate as the recession erases jobs and further strains homeowners, the Mortgage Bankers Association said on Friday. (Fri, 05 Dec 2008 17:57:31 GMT)

Home loan troubles break records again
AP - A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted from risky loans to the crumbling U.S. economy. (Fri, 05 Dec 2008 21:00:11 GMT)

Ask AP: Bottom-up bailouts, gas pump tampering
AP - If troubled automakers and banks need government bailouts, why not give their customers federally financed vouchers to help cover car and mortgage payments — so both consumers and companies could benefit from the money? (Fri, 05 Dec 2008 21:48:47 GMT)

Job losses mount as economic picture worsens
AP - Record numbers of homeowners are falling behind on mortgage payments and the U.S. economy is losing jobs at an alarming rate with companies big and small slashing their work force. (Sat, 06 Dec 2008 14:30:49 GMT)

Homeowners refinance, put savings in piggy banks
AP - When mortgage rates dropped to the lowest levels in almost a year, Warren Zeger seized the opportunity to slash $720 off his monthly mortgage payment by refinancing his home in Potomac, Md. (Sun, 07 Dec 2008 18:36:45 GMT)

AP IMPACT: How Freddie Mac halted regulatory drive
AP - When the Washington Nationals played their first-ever baseball game in the nation's capital in April 2005, two congressmen who oversaw mortgage giant Freddie Mac had choice seats — courtesy of the very company they were supposed to be keeping an eye on. (Mon, 08 Dec 2008 02:12:19 GMT)

Banks need to broaden view of risk: Fed's Kroszner
Reuters - Banks need to take a much broader view of investment risk as they dig their way out of the current financial crisis, and mortgage-backed securities need to become simpler and much more transparent, a senior U.S. Federal Reserve official said on Monday. (Mon, 08 Dec 2008 10:33:12 GMT)

HSBC to increase UK mortgage lending by 20 pct
AP - HSBC Holdings PLC, Britain's largest bank, said Monday it planned to increase the amount of money it lends to Britons for mortgages by 20 percent next year. (Mon, 08 Dec 2008 10:59:12 GMT)

College Board settles NY, Conn. student loan probe
AP - New York officials say the national association that writes and administers the SAT has resolved a two-state investigation into deceptive marketing of student loans. (Mon, 08 Dec 2008 19:26:47 GMT)

H&R Block loss narrows after quitting mortgages
Reuters - H&R Block Inc , the largest U.S. tax preparer, on Monday posted a smaller second quarter loss, after shedding its money-losing mortgage operations to focus on its tax business. (Mon, 08 Dec 2008 22:02:00 GMT)

Regulators scratch heads over housing crisis
Reuters - The top U.S. banking regulators said on Monday that some of their foreclosure prevention efforts are floundering and that they have no agreed plan for the future, two years into a housing crisis that has dragged the economy into a deep recession. (Mon, 08 Dec 2008 22:50:01 GMT)

Former Fannie Mae, Freddie Mac execs to testify
AP - Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac. (Tue, 09 Dec 2008 12:52:07 GMT)

Fannie, Freddie execs were warned of problems: report
Reuters - Documents show that top executives at Fannie Mae and Freddie Mac were warned years ago that the firms were offering mortgages that could pose a long-term danger to the companies, borrowers and the industry, The Washington Post reported on Tuesday. (Tue, 09 Dec 2008 13:02:18 GMT)

American Reserve Life buys Albanian insurance firm
AP - American Reserve Life Insurance Company has agreed to buy 61 percent of Albania's state-owned insurance company Insig for euro25 million ($32 million), the country's Finance Ministry said in a statement Tuesday. (Tue, 09 Dec 2008 17:03:38 GMT)

Former GSE chiefs scolded for careless lending
Reuters - Four men who led failed mortgage finance giants Fannie Mae and Freddie Mac were called before a U.S. House of Representatives panel on Tuesday and chided for making risky loans that fueled a housing crisis and helped push the economy into recession. (Tue, 09 Dec 2008 19:34:34 GMT)

Commission urges Obama to enforce fair housing
AP - President-elect Barack Obama is being urged to strengthen enforcement of fair housing laws to ensure that the mortgage foreclosure crisis doesn't disproportionately hit minorities and the poor. (Tue, 09 Dec 2008 20:22:47 GMT)

Ask AP: Bottom-up bailouts, gas pump tampering
AP - If troubled automakers and banks need government bailouts, why not give their customers federally financed vouchers to help cover car and mortgage payments — so both consumers and companies could benefit from the money? (Tue, 09 Dec 2008 21:38:46 GMT)

Regulators unveil new aid plan for credit unions
AP - Federal regulators said Tuesday they are making more than $40 billion available to support several credit unions that suffered losses from mortgage securities, and will provide another $2 billion to help struggling homeowners. (Tue, 09 Dec 2008 22:52:02 GMT)

Oversight panel questions Treasury on bailout plan
AP - With a skeptical tone, a congressional panel reviewing the government's $700 billion rescue package for the financial sector is questioning the Bush administration's spending of bailout funds and challenging its reluctance to use the money to reduce foreclosures. (Wed, 10 Dec 2008 12:43:50 GMT)

American Reserve Life buys Albanian insurance firm
AP - American Reserve Life Insurance Company has agreed to buy Albania's state-owned insurance company Insig for euro41 million ($52.8 million), the country's Finance Ministry said Wednesday. (Wed, 10 Dec 2008 16:18:25 GMT)

Mortgage fraud is booming business for prosecutors
AP - Investigations into the collapse of financial titans such as Lehman Brothers, Bear Stearns and Washington Mutual have attracted most of the attention in the ongoing unraveling of the nation's mortgage-backed security mess. (Wed, 10 Dec 2008 22:27:29 GMT)

Regulator: mortgage rates could drop to 4 percent
AP - Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates "well below 4 percent," a federal regulator said Wednesday. (Wed, 10 Dec 2008 23:03:47 GMT)

GMAC bond exchange flop threatens bank bid
Reuters - Auto and mortgage lender GMAC said on Wednesday that only a fraction of its bondholders agreed to swap their debt, raising doubts over the company's efforts to become a bank holding company and stay solvent. (Wed, 10 Dec 2008 23:24:52 GMT)

Former Kentucky player accused of mortgage fraud
AP - Former Kentucky basketball player Dirk Minniefield has been charged in an alleged $10 million mortgage scheme in the Houston area. (Thu, 11 Dec 2008 18:00:19 GMT)

HBOS takes $11.9 billion hit as bad debts leap
Reuters - British bank HBOS Plc, due to be taken over by Lloyds TSB, said on Friday that its bad debts and other charges so far this year have jumped by two thirds in the last two months alone, to 8 billion pounds ($11.9 billion), as corporate and home loans soured. (Fri, 12 Dec 2008 08:46:56 GMT)

A Standoff Over How to Rescue the Housing Market
BusinessWeek Online - What's the best way to stabilize plunging home prices? Treasury Secretary Hank Paulson and his staff are considering plans to push mortgage rates down to 4.5% in hopes of bringing buyers back into the moribund market. But many Democrats -- in Congress and on President-elect Barack Obama's team -- seem more set on pressing lenders to renegotiate troubled mortgages. That tack, championed by Federal Deposit Insurance Corp. head Sheila Bair, is aimed at trimming foreclosures and ending fire sales. (Fri, 12 Dec 2008 13:08:45 GMT)

Should You Refinance Your Mortgage Now?
BusinessWeek Online - Applications for mortgage refinancing tripled in early December on news that the U.S. Federal Reserve will buy up to $600 billion of mortgage debt. BusinessWeek personal finance editor Lauren Young spoke with mortgage guru Keith Gumbinger, of HSH Associates, a financial publisher, about the refinancing climate. (Fri, 12 Dec 2008 13:08:45 GMT)

As GM bailout falters, GMAC races its own deadline
Reuters - The auto and mortgage finance company GMAC LLC raced on Friday to meet a self-imposed deadline to complete a debt swap that would qualify it for federal aid, and avoid what analysts called a potential bankruptcy. (Fri, 12 Dec 2008 17:20:12 GMT)

In crisis, mutual funds fail to speak up
Reuters - Lawmakers are angry and individual investors are livid. But if mutual funds are mad, they sure aren't showing it. (Fri, 12 Dec 2008 17:30:19 GMT)

Obama: HUD pick central part of economic blueprint
AP - In naming his choice for housing secretary, President-elect Barack Obama on Saturday rounded out his economic team and gave new prominence to the mortgage crisis that has dragged the country into a recession. (Sat, 13 Dec 2008 22:29:06 GMT)

Banks and consumers brace for new credit card rules
Reuters - The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday.. (Sun, 14 Dec 2008 03:56:03 GMT)

Fannie Mae to stop evictions in foreclosures: report
Reuters - Fannie Mae will allow tenants to remain in their homes and avoid eviction even if the building's landlord goes into foreclosure, The Wall Street Journal reported on Sunday. (Mon, 15 Dec 2008 03:41:38 GMT)

Home values seen losing over $2 trillion during 2008
Reuters - Homes in the United States have lost trillions of dollars in value during 2008, with nearly 11.7 million American households now owing more on their mortgage than their homes are worth, real estate website Zillow.com said on Monday. (Mon, 15 Dec 2008 12:19:27 GMT)

Should You Refinance Your Mortgage Now?
BusinessWeek Online - Applications for mortgage refinancing tripled in early December on news that the U.S. Federal Reserve will buy up to $600 billion of mortgage debt. BusinessWeek personal finance editor Lauren Young spoke with mortgage guru Keith Gumbinger, of HSH Associates, a financial publisher, about the refinancing climate. (Mon, 15 Dec 2008 13:08:43 GMT)

Allianz CEO Explains 'Suitability'
BusinessWeek Online - A new acronym entered corporate-speak when Allianz Life Insurance Company of North America appointed its first -- and probably the first, anywhere -- CSO, or chief suitability officer. (Mon, 15 Dec 2008 13:08:43 GMT)

Fannie to help renters stay in foreclosed homes
AP - Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure. (Mon, 15 Dec 2008 16:42:01 GMT)

November housing starts and permits at record low
Reuters - New housing starts and permits plunged to record lows in November, as long-standing problems in the housing market continued to weigh on the U.S. economy, a Commerce Department report showed on Tuesday. (Tue, 16 Dec 2008 14:21:34 GMT)

U.S.-backed banks could be mortgage aid tool: sources
Reuters - A network of government-backed lenders could become conduits for fresh mortgage financing under a plan being mulled by U.S. policy-makers, sources familiar with the plan said on Tuesday. (Tue, 16 Dec 2008 19:11:56 GMT)

Refinancing drives mortgage applications up: MBA
Reuters - Mortgage applications climbed last week, a trade group said on Wednesday, driven by demand for loans to refinance as government interventions helped drive down borrowing costs. (Wed, 17 Dec 2008 12:20:35 GMT)

Home loan rate flat after Fed cut and headed lower
Reuters - An aggressive rate cut by the Federal Reserve on Tuesday did little to lower U.S. home loan costs, but the Fed's promise to expand a massive mortgage debt purchase program if needed should push rates down. (Wed, 17 Dec 2008 15:31:08 GMT)

Mortgage market rebounds as trade gap narrows
Reuters - The moribund U.S. mortgage market showed signs of life last week even before the Fed announced unconventional steps to revive the economy, while a key trade measure improved in the third quarter. (Wed, 17 Dec 2008 20:49:42 GMT)

Debts increase as consumers fall further behind
AP - The numbers continue to be troubling. Reports released by credit reporting agency TransUnion for the third quarter suggest the personal financial situation for many consumers is deteriorating as they fall further behind on credit cards, auto loans, and mortgage payments: (Wed, 17 Dec 2008 23:32:34 GMT)

Pound falls to new lows on zero interest rate talk
AP - The pound sank to a new record low against the euro Thursday as the government debt's burden hit its highest level in almost a quarter century and a leading Bank of England rate-setter hinted that interest rates could be cut to zero. (Thu, 18 Dec 2008 13:08:03 GMT)

What the Mortgage Bailout Means For You
BusinessWeek Online - On Dec. 6, Treasury Secretary Henry Paulson, with the support of President George W. Bush, unveiled a plan to aid certain homeowners who face the prospect of higher mortgage rates in the next few years. Paulson worked with banks and other mortgage companies to develop the initiative, and thanked them for their involvement. "We have worked through an evolving process to help minimize the impact of the housing downturn on homeowners, neighborhoods and the U.S. economy," he said. ... (Thu, 18 Dec 2008 13:08:44 GMT)

Personal Finance: 20 Dos & Don'ts for 2009
BusinessWeek Online - During the worst economic crisis in a lifetime, the right financial decisions are crucial. (Thu, 18 Dec 2008 13:08:44 GMT)

Mortgage rates at 37-year low
AP - Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market. (Thu, 18 Dec 2008 15:56:48 GMT)

Walkaways highest in 'non-recourse' states
AP - Mortgage law experts say the incentive to walk away from a home loan is highest in states that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after foreclosure. (Thu, 18 Dec 2008 20:44:07 GMT)

Walking away from a mortgage no longer unthinkable
AP - Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy. (Thu, 18 Dec 2008 21:13:14 GMT)

Market watchers look to 2009 with some optimism
AP - The stock market was already straining when 2008 began but few predicted Wall Street would plumb such depths as the year unfolded. (Thu, 18 Dec 2008 21:41:46 GMT)

Meltdown 101: Is it time to refinance a mortgage?
AP - With mortgage rates sinking to the lowest level since the early 1960s, homeowners around the country are giving themselves an early holiday present: a refinanced mortgage with lower monthly payments. (Thu, 18 Dec 2008 22:36:47 GMT)

New unemployment claims dip, but layoffs continue
AP - Fewer people than expected requested unemployment benefits last week, but the dip is likely to be temporary as more companies lay off workers, and economists expect the jobless rate to rise as the recession deepens. (Thu, 18 Dec 2008 23:06:57 GMT)

Treasury, mortgage rates keep tumbling
AP - Investors poured more money into Treasurys on Thursday, sending yields to record lows again even as the Treasury Department said it would sell record amounts of notes next week. (Thu, 18 Dec 2008 23:38:30 GMT)

GMAC bank bid may fail: report
Reuters - Bond fund Pacific Investment Management (Pimco) has turned down a debt-exchange offer from GMAC LLC, threatening the auto and mortgage finance company's bid to qualify for U.S. government funds, the Wall Street Journal reported. (Fri, 19 Dec 2008 08:01:45 GMT)

Fed updates $200B consumer loan program
AP - The Federal Reserve on Friday said a new program aimed at bolstering the availability of consumer loans will require companies to put up collateral to participate, but will offer longer terms on loans that are approved. (Fri, 19 Dec 2008 21:13:43 GMT)

Record low mortgage rates toss housing a lifeline
Reuters - With the $500 of monthly savings Jim Hennessy of San Diego gained by cutting the rate on his $417,000 mortgage, he plans to rebuild his beaten-up retirement account and maybe even take a cruise. (Fri, 19 Dec 2008 23:44:27 GMT)

UK house prices seen falling 10 pct in 2009
AP - House prices in Britain will fall 10 percent next year as banks rein in mortgage lending and buyers are deterred by the economic slowdown, a leading property researcher forecast Monday. (Mon, 22 Dec 2008 17:10:08 GMT)

Housing crisis worsens as economy weakens
Reuters - The desperate straits of many U.S. homeowners showed in new data released on Monday, suggesting efforts to help them are having limited success. (Mon, 22 Dec 2008 21:12:23 GMT)

UK mortgage approvals fell to record low in Nov.
AP - British mortgage approvals fell to their lowest level since at least 1997 in November as buyers were deterred by falling house prices and fears that the economic slowdown will hit their budgets, the British Bankers' Association (BBA) said Tuesday. (Tue, 23 Dec 2008 11:15:01 GMT)

Fannie, Freddie agree to new appraisal guidelines
Reuters - Fannie Mae and Freddie Mac have agreed on a revised code of conduct that aims to improve the reliability of appraisals on mortgage loans purchased by the two home funding companies, their regulator said on Tuesday. (Tue, 23 Dec 2008 21:53:39 GMT)

Mortgage applications hit almost 5-year high: MBA
Reuters - Mortgage applications surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday. (Wed, 24 Dec 2008 14:28:36 GMT)

UK's FSA imposed a record number of fines in '08
AP - Britain's financial services watchdog said Wednesday that it imposed a record number of fines in 2008 as it cracked down on offenses like mortgage fraud and improper sales of insurance. (Wed, 24 Dec 2008 15:08:34 GMT)

Regulators near deal for IndyMac
Reuters - U.S. regulators are expected to announce a deal for the assets of failed mortgage lender IndyMac before the end of the year, a spokesman for the bank said on Wednesday. (Wed, 24 Dec 2008 15:27:40 GMT)

Crisis widens appeal of Islamic finance
AP - France is becoming the latest country to woo Islamic banks, which avoided much of the damage from the subprime mortgage crisis by following strict principles laid out in the Quran — as the global financial crisis broadens the appeal of Islamic finance. (Wed, 24 Dec 2008 15:37:52 GMT)

Mortgage applications highest since mid-2003
AP - Mortgage applications spiked last week to their highest level in more than five years, as borrowers took advantage of rates that fell to near-record lows after the government pledged to funnel money into the mortgage market. (Wed, 24 Dec 2008 15:55:42 GMT)

Home prices may rise on mortgage refinancing boom
Reuters - Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize and/or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase. (Wed, 24 Dec 2008 16:05:24 GMT)

Fannie Mae says regulator names nine directors
Reuters - Fannie Mae, the largest provider of money for U.S. residential mortgages, on Wednesday said its regulator named nine board members, including a former Morgan Stanley executive. (Wed, 24 Dec 2008 19:50:30 GMT)

Mortgage rates fall to new record low
AP - Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. (Wed, 24 Dec 2008 20:24:45 GMT)

Tiny yields challenge money funds, investors
AP - Three months after the government stepped in to prop up reeling money-market funds, the $3.8 trillion industry is largely healthy again, with money flowing back to the safe-harbor investments at a steady clip. (Wed, 24 Dec 2008 21:49:53 GMT)

GMAC gets Fed's OK to become bank holding company
Reuters - GMAC LLC won U.S. approval on Wednesday to become a bank holding company, giving it access to government lending programs and helping it stave off bankruptcy. (Wed, 24 Dec 2008 23:42:32 GMT)

How one family's mortgage is linked to meltdown
Reuters - Cynthia Goldrick's daughter is in and out of the hospital for brain surgery, her mother has Stage 4 lung cancer and her father has moved into a home for the elderly. (Mon, 29 Dec 2008 05:16:05 GMT)

JC Flowers and others close to IndyMac deal: source
Reuters - A consortium of private equity and hedge fund firms, including J.C. Flowers & Co, is close to a deal to buy the assets of failed mortgage lender IndyMac, a source familiar with the matter said on Sunday. (Mon, 29 Dec 2008 13:06:39 GMT)

U.S. puts up $6 billion to support GMAC
Reuters - The Bush administration on Monday expanded its bailout of the U.S. auto industry, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion. (Tue, 30 Dec 2008 13:49:26 GMT)

Fed to ramp up purchases of mortgage securities in January
AFP - The Federal Reserve said Tuesday it would begin buying mortgage-backed securities in early January under a previously announced plan to purchase up to 600 billion dollars of these assets. (Tue, 30 Dec 2008 22:08:09 GMT)

Fed to start buying mortgage-backed securities
AP - The Federal Reserve said Tuesday that it will begin purchasing up to $500 billion in mortgage-backed securities early next month in an effort to bolster the long-suffering housing market. (Tue, 30 Dec 2008 23:02:15 GMT)

Fed aims to buy $500 billion in MBS by mid-year
Reuters - The U.S. Federal Reserve on Tuesday moved forward aggressively with an effort to drive down mortgage costs, setting a goal of buying $500 billion in mortgage-backed securities by mid-2009. (Tue, 30 Dec 2008 23:56:05 GMT)

Mortgages: What You Need to Know in 2009
BusinessWeek Online - With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income. (Wed, 31 Dec 2008 13:08:41 GMT)

Wall St flat on Fed move, new economic data
Reuters - Stocks opened flat on Wednesday, as investors grappled with a round of weak economic data and a plan by the Federal Reserve to buy mortgage-backed securities. (Wed, 31 Dec 2008 14:37:06 GMT)

Mortgage applications remain at 5-year highs
AP - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans. (Wed, 31 Dec 2008 15:44:31 GMT)

Jobless claims dive while mortgage rates ease again
Reuters - U.S. weekly jobless claims plummeted last week but the improvement was probably a seasonal quirk rather than a turning point for the recession-ravaged labor market. (Wed, 31 Dec 2008 17:38:32 GMT)

Mortgage rates drop to 37-year low
Reuters - Interest rates on U.S. 30-year fixed-rate mortgages dropped for a ninth consecutive week, reaching their lowest level in 37 years, according to a survey released on Wednesday by home funding company Freddie Mac. (Wed, 31 Dec 2008 17:47:46 GMT)

Mortgage crisis spurs tougher rules for brokers
AP - Becoming a mortgage broker in Indiana used to be easy. Too easy. (Wed, 31 Dec 2008 18:11:45 GMT)

Revisiting a Classic: 'Your Money or Your Life'
AP - There are countless personal finance books that advise readers on budgeting, investing and paying down debt. Few leave the tips aside and ask you to question your relationship with money and the reasons you spend what you do. (Wed, 31 Dec 2008 18:20:07 GMT)

Mortgage rates fall to third straight record low
AP - Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring. (Wed, 31 Dec 2008 18:27:08 GMT)