Personal Finance News Apr 2009

Health nominee Sebelius reveals tax errors
Reuters - Kathleen Sebelius, named as U.S. health secretary by President Barack Obama, became his latest nominee to reveal income tax issues, saying on Tuesday she paid nearly $8,000 to settle errors over three years. (Wed, 01 Apr 2009 02:57:08 GMT)

U.S. mortgage applications climb, rates at fresh low
Reuters - U.S. mortgage rates set fresh record lows last week, fostering demand for refinancing that drove home loan applications to the highest level since mid-January, data from the Mortgage Bankers Association showed on Wednesday. (Wed, 01 Apr 2009 11:09:44 GMT)

U.S. urges requirement to keep mortgage records
Reuters - The U.S. Justice Department urged Congress on Wednesday to require mortgage companies to retain records for 10 years to make it easier to prosecute fraud. (Wed, 01 Apr 2009 15:50:09 GMT)

Huntington eliminates problem subprime loans
AP - Regional bank Huntington Bancshares Inc. says it has cleared its books of troubled mortgages inherited through a merger. (Wed, 01 Apr 2009 17:16:24 GMT)

KPMG hit with lawsuit over New Century collapse
Reuters - Accounting giant KPMG was hit with a billion-dollar lawsuit on Wednesday over claims its "grossly negligent audits" helped trigger the collapse of a top subprime mortgage lender at the start of the U.S. housing crisis. (Wed, 01 Apr 2009 17:26:48 GMT)

Thornburg Mortgage plans to file for Chapter 11
AP - Thornburg Mortgage Inc. says it expects to file for Chapter 11 bankruptcy protection and sell or liquidate its remaining assets, then go out of business. (Wed, 01 Apr 2009 18:49:34 GMT)

Mortgage lender blames KPMG for its failure
AP - The trustee for a California mortgage lender that collapsed two years after disclosing accounting errors sued accounting giant KPMG Wednesday, blaming it for its demise. (Wed, 01 Apr 2009 20:11:21 GMT)

KPMG hit with lawsuit over New Century collapse
Reuters - Accounting giant KPMG was hit with a billion-dollar lawsuit on Wednesday over claims its "grossly negligent audits" helped trigger the collapse of a top subprime mortgage lender at the start of the U.S. housing crisis. (Thu, 02 Apr 2009 02:03:04 GMT)

UK house prices 'rise unexpectedly in March'
AFP - British house prices rose for the first time in 17 months during March, a survey by home-loans provider Nationwide showed on Thursday. (Thu, 02 Apr 2009 10:56:22 GMT)

Gov't sees loan defaults, foreclosures rise
AP - The number of troubled loans backed by the government's mortgage insurance program is rising as economic problems mount, and lawmakers are worried taxpayers will be stuck with the final bill. (Thu, 02 Apr 2009 16:09:25 GMT)

Mortgage rates at record low for 2nd week
AP - Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market. (Thu, 02 Apr 2009 18:20:27 GMT)

Layoff insurance latest carrot for homebuyers
AP - Free granite countertops, swimming pools and landscaping aren't going to convince anyone who's afraid of losing a job to buy a home. But what about a promise to pay your mortgage if you get laid off? (Thu, 02 Apr 2009 19:43:15 GMT)

BofA loses bid to OK Countrywide suit settlement
Reuters - A Delaware judge rejected Bank of America Corp's effort to settle a shareholder lawsuit over its 2008 purchase of mortgage lender Countrywide Financial Corp, saying the settlement would wrongly scuttle potential fraud claims. (Thu, 02 Apr 2009 20:50:07 GMT)

NJ gets $3.7 million in Countrywide settlement
AP - New Jersey will receive about $3.7 million from Countrywide Financial Corp. for a fund to help eligible homeowners and state programs as part of a nationwide settlement to resolve subprime mortgage complaints, the state said Thursday. (Thu, 02 Apr 2009 23:04:50 GMT)

Re-default data shows Obama housing plan potential
Reuters - More than 58 percent of U.S. home loans modified in 2008 did not result in a decreased monthly payment, and those modifications often did not produce sustainable mortgages, according to a report released on Friday. (Fri, 03 Apr 2009 11:01:07 GMT)

UK house prices fall 1.9 pct in March, report says
AP - House prices in Britain fell 1.9 percent in March compared to February, the country's biggest mortgage lender said Friday, dampening the optimism over a separate report earlier this week which said property values had edged higher. (Fri, 03 Apr 2009 13:21:06 GMT)

Loan modifications rise; many don't pare payments
AP - Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. (Fri, 03 Apr 2009 15:18:40 GMT)

Fannie, Freddie worker bonuses total $210M
AP - Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies. (Fri, 03 Apr 2009 16:51:03 GMT)

Fannie Mae, Freddie Mac plan 210 mln in bonuses
AFP - More than 7,600 employees of US government-rescued mortgage finance giants Fannie Mae and Freddie Mac are to receive 210 million dollars in bonuses to keep them in their jobs, according to documents released by a lawmaker Friday. (Fri, 03 Apr 2009 22:47:12 GMT)

Lawmaker sees Fannie, Freddie bonus "insult"
Reuters - Continuing bonuses paid to employees at Fannie Mae and Freddie Mac are offensive since taxpayers are helping keep the mortgage-finance companies afloat, a leading Senate Republican said on Friday. (Fri, 03 Apr 2009 23:51:43 GMT)

A Boom for Tax Prep
BusinessWeek Online - As federal stimulus dollars begin to flow, one unlikely beneficiary is the $30 billion tax-preparation industry. Prep specialists from top dog H&R Block on down are celebrating as the Apr. 15 deadline approaches. The fresh treat: billions of dollars in new and expanded tax credits for individuals and small companies. (Mon, 06 Apr 2009 12:08:41 GMT)

Government cracking down on mortgage scams
AP - Top federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis. (Mon, 06 Apr 2009 16:36:42 GMT)

Sallie Mae to shift 2,000 jobs to U.S. from overseas
Reuters - Student loan company Sallie Mae plans to move its overseas operations back to the United States, creating 2,000 domestic jobs, in what analysts called an attempt to curry favor with the Obama administration. (Mon, 06 Apr 2009 16:46:43 GMT)

Sallie Mae to add 2,000 jobs to US in 18 months
AP - Sallie Mae gave some hope to the unemployed Monday, announcing that it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas. (Mon, 06 Apr 2009 17:24:26 GMT)

US to work with Switzerland on tax secrecy
AFP - The United States and Switzerland will begin negotiations to amend their bilateral income tax treaty to provide for improved transparency, the US Treasury Department said Monday. (Mon, 06 Apr 2009 23:22:52 GMT)

U.S. lawmaker plans law to curtail risky mortgages
Reuters - A powerful U.S. lawmaker said on Monday he is preparing a broad package of legislation that would promote stability in the mortgage market by limiting future subprime lending, and would also take on executive compensation and limit systemic risk. (Tue, 07 Apr 2009 00:22:00 GMT)

U.S. consumer credit falls sharply in February
Reuters - U.S. consumer borrowing fell more steeply than expected in February as credit and charge card use dropped by the most on record, a Federal Reserve report showed on Tuesday. (Tue, 07 Apr 2009 19:33:30 GMT)

US consumer credit shows surprise drop
AFP - US consumer credit dropped by a more than expected 3.5 percent in February after posting an increase the preceding month, the Federal Reserve said Tuesday. (Tue, 07 Apr 2009 19:46:16 GMT)

Consumer borrowing dips more than expected in Feb.
AP - Consumer borrowing plunged more than expected in February as Americans cut back their use of credit cards by a record amount. (Tue, 07 Apr 2009 21:25:48 GMT)

U.S. mortgage applications up
Reuters - U.S. mortgage applications rose last week, as demand for home purchase loans jumped even as interest rates edged up from recent record lows, data from an industry group showed on Wednesday. (Wed, 08 Apr 2009 13:35:24 GMT)

Mortgage applications up as refinancing increases
AP - Mortgage applications continued to rise last week, as low interest rates allowed borrowers to refinance their home loans at the lowest rates in decades. (Wed, 08 Apr 2009 14:12:36 GMT)

Insurers rise on report gov't may extend TARP
AP - Shares of U.S. life insurance companies rose broadly on Wednesday, after a report that the U.S. Treasury Department plans to extend the Troubled Asset Relief Program to some life insurers. (Wed, 08 Apr 2009 16:09:54 GMT)

Business tax planning should be year-round process
AP - It can be tempting for small business owners, once their income tax returns are filed, to put the whole issue of taxes behind them. (Wed, 08 Apr 2009 18:31:10 GMT)

Fed sees economy sliding further
Reuters - Federal Reserve policy-makers, faced with bleaker forecasts for a rapidly worsening recession, decided to buy a "substantial" amount of U.S. Treasury and mortgage debt to halt the slide, minutes of their most recent meeting showed on Wednesday. (Wed, 08 Apr 2009 20:44:48 GMT)

ING to shed up to $10.6 billion of assets
Reuters - Dutch ING plans to sell operations worth up to 8 billion euros ($10.6 billion) to reduce risk, focus its bank on Europe, and manage its banking and insurance separately, boosting its shares on Thursday. (Thu, 09 Apr 2009 13:27:48 GMT)

Mortgage rates tick up from record lows
AP - Rates on 30-year mortgages inched higher this week after two straight weeks of record lows, but still remained at attractive levels for borrowers looking to refinance their home loans. (Thu, 09 Apr 2009 16:01:54 GMT)

Obama: Timing right for millions to refinance
AP - Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. (Thu, 09 Apr 2009 16:38:45 GMT)

Obama urges refinancing as housing measures roll out
Reuters - U.S. President Barack Obama encouraged Americans on Thursday to take advantage of historically low mortgage rates and said his administration was rolling out further phases of its plan to address the housing crisis. (Thu, 09 Apr 2009 16:57:19 GMT)

Obama says timing right for millions to refinance
AP - Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. "We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills. (Fri, 10 Apr 2009 03:55:51 GMT)

AP Poll: Taxpayers more frugal with refunds
AP - Most people say they plan to use this year's tax refund to pay bills, deciding in this sour economy to be more frugal with their annual windfall. (Mon, 13 Apr 2009 16:18:32 GMT)

Meltdown 101: Is there a downside to mortgage aid?
AP - It's welcome relief for homeowners struggling with mortgage payments. (Tue, 14 Apr 2009 01:24:05 GMT)

Obama to tap Fannie Mae CEO to head TARP: source
Reuters - The Obama administration is expected to name Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, a source familiar with the matter said on Monday. (Tue, 14 Apr 2009 02:03:10 GMT)

Report: Fannie Mae CEO Allison to head TARP
AP - A published report says Fannie Mae CEO Herb Allison is expected to be named by the Obama administration to head the government's $700 billion Troubled Asset Relief Program. (Tue, 14 Apr 2009 11:44:53 GMT)

Obama vows to reform "monstrous" tax code
Reuters - President Barack Obama promised Americans his administration would rewrite the "monstrous" U.S. tax code as millions faced an annual deadline on Wednesday for filing federal income tax returns. (Wed, 15 Apr 2009 16:18:44 GMT)

Meltdown 101: Can't pay your taxes? Don't panic
AP - It's here, April 15, the deadline for filing income tax returns, and the IRS has some reassuring words for procrastinators, especially those who can't pay what they owe: Don't panic. (Wed, 15 Apr 2009 17:13:49 GMT)

Obama raps corporations on tax loopholes
AFP - President Barack Obama Wednesday vowed to end tax breaks for corporations that ship jobs overseas, as he marked nobody's favorite date, the April 15 filing deadline for annual US income tax returns. (Wed, 15 Apr 2009 17:17:58 GMT)

6 companies to get $9.9B under mortgage program
AP - The Obama administration on Wednesday named the first six companies participating in a $75 billion program designed to help millions of struggling homeowners avoid foreclosure. (Wed, 15 Apr 2009 21:49:03 GMT)

Treasury tallies $10 billion for mortgage mods
Reuters - Six large U.S. banks could pocket nearly $10 billion in federal subsidies if they modify troubled home loans and are able to save homeowners from foreclosure, the Treasury Department said on Wednesday. (Wed, 15 Apr 2009 22:02:04 GMT)

Falling housing starts dampen recovery hopes
Reuters - New U.S. housing starts fell in March after a surprise surge the previous month, government data showed on Thursday, dealing a blow to hopes that housing market stability was on the horizon. (Thu, 16 Apr 2009 13:02:24 GMT)

Recession still dragging down U.S. economy
Reuters - The number of Americans claiming jobless aid hit a record early in April and groundbreaking for new homes slumped in March, according to data on Thursday that showed an economy still struggling to crawl out of recession. (Thu, 16 Apr 2009 15:46:56 GMT)

6 Signs an Investment's a Scam
The Motley Fool - There are a lot of shady people hoping that you're after instant riches -- or at least a boost on making up for your recent stock market losses. Boy, do they have the sales pitch down pat. There are tax scams, penny-stock huckster scams, Instant Messaging scams, Nigerian confidence scams, mortgage-servicing scams, wrong-number pump-and-dump scams, bad-roommate-from-Craigslist scams. I could go on, but my keyboard is out of breath. (Thu, 16 Apr 2009 17:18:14 GMT)

House panel sets April 23 mortgage bill hearing
Reuters - The U.S. House of Representatives Financial Services Committee said on Thursday it will hold a hearing on April 23 on a bill to overhaul mortgage industry practices and curb predatory lending. (Thu, 16 Apr 2009 19:24:04 GMT)

U.S. banks and investors scrap over housing aid plan
Reuters - Investment funds are battling with large banks over the fine print of a U.S. housing rescue plan that will determine many of the final winners and losers in the recent housing bust. (Thu, 16 Apr 2009 21:36:11 GMT)

Gov't defends toxic asset plan; JPMorgan opts out
AP - The Treasury Department on Thursday defended the viability of its $1 trillion plan to get soured mortgage investments off of banks' books after JPMorgan Chase's chief executive said the company won't participate in the program. (Thu, 16 Apr 2009 23:12:17 GMT)

GMAC mortgage unit: We're hiring again
Reuters - GMAC LLC, the General Motors Corp financing affiliate that received a government bailout, said its mortgage unit is hiring 1,000 people to handle a surge in refinancings and jumbo loans. (Fri, 17 Apr 2009 01:18:53 GMT)

Germany starts bid to nationalise Hypo Real Estate
AFP - Germany launched Friday its bid to nationalise troubled mortgage lender Hypo Real Estate (HRE), offering to buy 100 percent of the firm's shares at what it termed an "attractive price." (Fri, 17 Apr 2009 07:25:13 GMT)

Good News: Option ARM Resets Delayed
BusinessWeek Online - Finally, there might be some good news for struggling homeowners. Thousands of mortgage loans that were supposed to reset at a higher rate this spring won't be changing, putting off the grim threat of foreclosure or bankruptcy for many Americans by as much as a year. Unfortunately, the reprieve will only be a temporary one. (Fri, 17 Apr 2009 12:08:42 GMT)

Fed mulls taking wider array of collateral: source
Reuters - The U.S. Federal Reserve is considering expanding one of its lending programs to include commercial mortgage-backed securities with terms longer than three years, a Fed official said on Friday. (Fri, 17 Apr 2009 12:54:45 GMT)

U.S. banks, lawmakers narrow cramdown terms: sources
Reuters - Leading Democratic senators and three of the largest U.S. banks are narrowing the scope of legislation that could let troubled homeowners avoid foreclosure through bankruptcy courts, several sources familiar with the negotiations said. (Fri, 17 Apr 2009 18:47:20 GMT)

Fannie Mae chief named to head U.S. bank rescue
Reuters - Herb Allison, who has been chief executive of Fannie Mae since it was seized by the government last September, has been tapped to oversee the $700 billion financial rescue fund aimed at restoring rattled markets, the White House said on Friday. (Fri, 17 Apr 2009 23:08:15 GMT)

Fannie Mae CEO named Treasury's bank bailout chief
AP - The White House turned to an experienced former investment banker Friday to run the federal government's $700 billion bank rescue effort, selecting the head of mortgage giant Fannie Mae as an assistant treasury secretary. (Sat, 18 Apr 2009 01:30:41 GMT)

Good News: Option ARM Resets Delayed
BusinessWeek Online - Finally, there might be some good news for struggling homeowners. Thousands of mortgage loans that were supposed to reset at a higher rate this spring won't be changing, putting off the grim threat of foreclosure or bankruptcy for many Americans by as much as a year. Unfortunately, the reprieve will only be a temporary one. (Mon, 20 Apr 2009 12:08:42 GMT)

Fannie Mae names Michael Williams CEO
Reuters - Fannie Mae , the government-controlled U.S. home funding company, on Monday named Michael Williams as president and chief executive officer. (Mon, 20 Apr 2009 17:06:01 GMT)

Detroit councilman walks away from his mortgage
AP - It was their dream home, a two-story, four-bedroom colonial in one of Detroit's nicest and most stable neighborhoods. (Mon, 20 Apr 2009 19:23:02 GMT)

Fannie Mae board elevates Williams to CEO spot
AP - Fannie Mae said Monday its board of directors tapped the company's chief operating officer, Michael J. Williams, to take over as chief executive of the mortgage finance company in the wake of the previous CEO's move to the Treasury Department. (Mon, 20 Apr 2009 21:46:08 GMT)

Smart Money Moves for Young Investors
BusinessWeek Online - At a conference on financial literacy on Apr. 20 in Chicago, Federal Reserve Chairman Ben Bernanke said it was time for Americans to learn to manage their money. Ramit Sethi couldn't agree more. The 26-year old personal finance guru has made it his mission to help Americans do just that and he tries to make it as simple as possible. In his new book, I Will Teach You to Be Rich, and on his blog of the same name, Sethi shows twentysomethings how they can automate their financial decision-making and learn how not to overanalyze. This is especially true when it comes to investing. ... (Tue, 21 Apr 2009 12:08:41 GMT)

Regions Financial posts surprising 1Q profit
AP - Regions Financial Corp. on Tuesday reported a surprising first-quarter profit, driven by strong mortgage banking revenue and deposit growth. But loan losses at the regional bank continued to increase as consumers struggled to pay off their debts. (Tue, 21 Apr 2009 18:54:00 GMT)

Treasury weighs new mortgage subsidies: sources
Reuters - The Treasury Department is considering giving banks and investors billions of dollars in fresh incentives to modify troubled mortgages and save homeowners from foreclosure, sources familiar with official deliberations said. (Tue, 21 Apr 2009 22:02:47 GMT)

Cheers, worries greet financial sector's seesawing
AP - It's a mixed bag out there in the financial sector. Bank lending has declined, mortgage refinancing has improved. And despite a watchdog agency's warnings about the government's bank rescue effort, investors rally at the news that banks might indeed be better off. (Wed, 22 Apr 2009 07:15:39 GMT)

Term Life vs. Cash Value Insurance Policies
The Motley Fool - If you are single, or one half of a two-income, no-dependents household, you probably won't need much life insurance, if any. With a little planning, you can establish a low-risk savings fund to cover funeral costs, then invest the money you would have paid in insurance premiums. (Wed, 22 Apr 2009 16:10:52 GMT)

Credit unions reject Hill plan for mortgage relief
AP - Negotiations between the banking industry and Senate Democrats on a mortgage relief plan appeared to stall Wednesday after a trade association representing credit unions said it could not endorse the proposal. (Wed, 22 Apr 2009 16:30:16 GMT)

Wells Fargo has record profit, tops in mortgages
Reuters - Wells Fargo & Co posted a record first-quarter profit of $3.05 billion as a surge in mortgage refinancings helped it displace Bank of America Corp as the nation's largest home lender. (Wed, 22 Apr 2009 16:41:32 GMT)

Freddie executive death apparent suicide: police source
Reuters - David Kellermann, acting chief financial officer of troubled U.S. mortgage giant Freddie Mac, was found dead on Wednesday in his suburban Virginia home after apparently committing suicide, a local police source said. (Wed, 22 Apr 2009 16:43:00 GMT)

Weyerhaeuser suspends 401k retirement matches
AP - Weyerhaeuser is suspending company matches to employee 401k retirement plans. (Wed, 22 Apr 2009 16:53:18 GMT)

Freddie Mac official found dead in apparent suicide
AP - David Kellermann, the acting chief financial officer of money-losing mortgage giant Freddie Mac, was found dead at his home early Wednesday in what police said was an apparent suicide. (Wed, 22 Apr 2009 16:53:25 GMT)

Talks on mortgage relief plan hit a snag
AP - Negotiations between the banking industry and Senate Democrats on a mortgage relief plan hit a snag Wednesday after a trade association representing credit unions said it could not endorse the proposal. (Thu, 23 Apr 2009 01:16:30 GMT)

Sallie Mae narrows 1st-quarter loss
AP - Sallie Mae, the nation's largest student lender, narrowed its loss in the first quarter, despite government efforts to stabilize short-term debt markets that Sallie Mae says hurt its results. (Thu, 23 Apr 2009 01:20:29 GMT)

SunTrust Banks has big loss but beats forecasts
Reuters - SunTrust Banks Inc posted its second straight quarterly loss, though results topped forecasts as deposit growth and higher mortgage lending offset charges tied to the collapsing real estate market. (Thu, 23 Apr 2009 13:53:01 GMT)

U.S. mortgage rates nudge closer to record low
Reuters - U.S. mortgage rates fell in the latest week, nudging closer to a recent record low, helped by government efforts to bring rates down to levels that will spur demand and help the hard-hit housing market begin to recover. (Thu, 23 Apr 2009 15:01:19 GMT)

Why You Need a Renewable Term Life Policy
The Motley Fool - It's an unavoidable fact of life: Life insurance premiums increase with age. And then there's the matter of your health. If you develop certain medical conditions, life insurance suddenly becomes prohibitively expensive, if you can get it at all. (Thu, 23 Apr 2009 15:39:29 GMT)

Autopsy on Freddie Mac official incomplete
AP - Medical examiners have completed an autopsy on a Freddie Mac executive found dead in an apparent suicide, but say a final determination on his cause of death could be weeks away. (Thu, 23 Apr 2009 15:56:16 GMT)

Mortgage rates dip, stay above record lows
AP - Rates on 30-year mortgages fell slightly from last week but remained just ahead of record lows posted this month, Freddie Mac said Thursday. (Thu, 23 Apr 2009 19:39:25 GMT)

Option ARM Loans Turn into Nightmares
BusinessWeek Online - Entrepreneur Michael Bissell worries about losing his business, his house, or both. His 10-year-old Web design firm in Portland, Ore., is struggling as customers fall behind on their bills. To cover salary and other expenses, Bissell tapped into his home last year for extra cash, relying on his exotic mortgage, which gives him the option to pay less than the monthly interest and principal for a while. But that source of money is running dry: The payment on his home loan will soon jump significantly. "I have no padding," says Bissell. (Fri, 24 Apr 2009 12:08:43 GMT)

H&R Block prepares fewer tax returns this year
AP - H&R Block Inc. said Friday it prepared 3.1 percent fewer returns in the just-completed tax filing season, although tax preparation revenue rose slightly because of higher average fees and more complex returns. (Fri, 24 Apr 2009 14:13:08 GMT)

Former Freddie Mac CEO returning as consultant
AP - Mortgage finance company Freddie Mac, coping with the apparent suicide of its acting chief financial officer, said Friday that its former chief executive is coming back temporarily as a consultant. (Fri, 24 Apr 2009 16:29:34 GMT)

GM employee stock fund dumps all company shares
AP - The manager of General Motors' employee stock fund has sold off all remaining shares of the troubled auto maker, which is closing plants and slashing costs in a bid to avoid bankruptcy. (Sat, 25 Apr 2009 15:59:10 GMT)

Bank of America rebrands mortgage operations
AP - Bank of America Corp. has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired last year. (Mon, 27 Apr 2009 04:06:33 GMT)

Option ARM Loans Turn into Nightmares
BusinessWeek Online - Entrepreneur Michael Bissell worries about losing his business, his house, or both. His 10-year-old Web design firm in Portland, Ore., is struggling as customers fall behind on their bills. To cover salary and other expenses, Bissell tapped into his home last year for extra cash, relying on his exotic mortgage, which gives him the option to pay less than the monthly interest and principal for a while. But that source of money is running dry: The payment on his home loan will soon jump significantly. "I have no padding," says Bissell. (Mon, 27 Apr 2009 10:40:37 GMT)

5 charged in $70M mortgage Ponzi scheme
AP - Five people face charges in what prosecutors say was a mortgage scheme that defrauded more than 1,000 people of more than $70 million. (Mon, 27 Apr 2009 15:50:06 GMT)

5 charged in $70M mortgage Ponzi scheme
AP - Five people were charged with fraud Monday in what prosecutors say was a mortgage scheme that defrauded over 1,000 people of more than $70 million. (Mon, 27 Apr 2009 16:14:46 GMT)

Treasury has new mortgage incentives: official
Reuters - The U.S. Treasury Department will on Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official. (Tue, 28 Apr 2009 11:26:05 GMT)

Obama administration expands housing aid plan
AP - The Obama administration said Tuesday it is expanding its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers' bills on second mortgages. (Tue, 28 Apr 2009 16:25:33 GMT)

Ex-American Home CEO settles with SEC for $2.45M
AP - The former head of American Home Mortgage Investment Corp. has agreed to pay nearly $2.5 million to settle federal civil charges of accounting fraud and concealing the company's deteriorating finances as the subprime mortgage crisis hit in 2007. (Wed, 29 Apr 2009 02:10:23 GMT)

U.S. lawmaker sees credit card law in May
Reuters - President Barack Obama will sign wide-ranging, pro-consumer credit card reforms into law by late May, senior U.S. House Democrat Carolyn Maloney predicted on Wednesday. (Wed, 29 Apr 2009 16:28:09 GMT)

Rates on 30-year mortgages tie record low
AP - Rates on 30-year mortgages tied a record low this week, spurring refinancing activity as the troubled housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday. (Thu, 30 Apr 2009 15:42:01 GMT)

Pelosi sees credit card bill becoming law
Reuters - The speaker of the U.S. House of Representatives, Nancy Pelosi, predicted on Thursday that her chamber would pass a pro-consumer credit card bill, and the measure backed by President Barack Obama would become law. (Thu, 30 Apr 2009 16:48:49 GMT)

Regulators didn't challenge Freddie's accounting
AP - An outside investigator early last year told regulators that Freddie Mac failed to properly document interest rate bets, but the government didn't challenge the mortgage finance company's accounting practices. (Thu, 30 Apr 2009 20:10:29 GMT)