Personal Finance News Nov 2009

Goldman in talks to buy Fannie tax credits: report
Reuters - Goldman Sachs Group Inc is in talks to buy millions of dollars of tax credits from Fannie Mae, but the U.S. Treasury could block the deal, The Wall Street Journal reported on Sunday. (Mon, 02 Nov 2009 03:33:39 GMT)

Report: Goldman Sachs looks to buy tax credits
AP - Wall Street giant Goldman Sachs Group Inc. is reportedly in talks to buy tax credits from Fannie Mae, a government-controlled mortgage financier. (Mon, 02 Nov 2009 14:24:50 GMT)

Calif. boosts income tax collection by 10 percent
AP - California wage earners will soon notice a little less money in their paychecks. (Mon, 02 Nov 2009 20:18:58 GMT)

Buffett joins Goldman bid for Fannie Mae tax credits
Reuters - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) has joined Goldman Sachs Group Inc in a bid to buy $3 billion in tax credits from mortgage giant Fannie Mae, the Wall Street Journal's website reported, citing people familiar with the matter. (Wed, 04 Nov 2009 02:44:21 GMT)

Pulte raises Centex savings forecast, shares surge
Reuters - Pulte Homes Inc raised its forecast for efficiencies and savings from its acquisition of rival Centex Corp, overshadowing a quarterly loss and sending its shares up 7.5 percent. (Wed, 04 Nov 2009 15:55:24 GMT)

Review: 'SuperFreakonomics' as fun as predecessor
AP - "SuperFreakonomics: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance" (William Morrow, 320 pages. $29.99) by Steven D. Levitt and Stephen J. Dubner: In their 2005 book "Freakonomics," economist Steven D. Levitt and journalist Stephen J. Dubner used dozens of interesting anecdotes to prove a simple point: "People respond to incentives." (Wed, 04 Nov 2009 16:09:26 GMT)

GMAC posts Q3 loss, hurt by mortgage unit
Reuters - GMAC Financial Services, a lender that has received $12.5 billion in government bailouts, posted a third straight quarterly loss on Wednesday, hurt by red ink in its mortgage business. (Wed, 04 Nov 2009 16:57:28 GMT)

GMAC Financial Services 3Q loss narrows
AP - GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said Wednesday its loss narrowed to $767 million in the third quarter, as its auto lending unit made money while its home mortgage unit reported another loss. (Wed, 04 Nov 2009 17:31:57 GMT)

No more duck house: Britain cuts lawmaker expenses
AP - Drain the moat, tear down the duck house, fire the housekeeper. British lawmakers face strict new allowance rules following a scandal over their outrageous expense claims. (Wed, 04 Nov 2009 17:50:37 GMT)

Study: Alabama income tax on working poor harshest
AP - A national study released Wednesday showed Alabama makes families living in poverty pay higher income taxes than any other state. (Wed, 04 Nov 2009 19:56:18 GMT)

Fla. justices consider mediation for foreclosures
AP - Mediation would be a good way to expedite a flood of mortgage foreclosures, members of a foreclosure task force said Wednesday, but some disagreed on the details in oral arguments before the state Supreme Court. (Thu, 05 Nov 2009 13:11:37 GMT)

Fannie Mae to rent out homes instead foreclosing
AP - Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday. (Thu, 05 Nov 2009 15:02:39 GMT)

Mortgage rates drop below 5 percent: Freddie Mac
Reuters - U.S. mortgage rates fell below 5 percent for the first time in three weeks, a key level that may boost home loan demand and help the hard-hit housing market recover, a closely watched mortgage survey showed Thursday. (Thu, 05 Nov 2009 16:18:42 GMT)

Omnicare 3Q profit rises 13 percent
AP - Omnicare Inc., which dispenses drugs to nursing homes and long-term care facilities, said Thursday its third-quarter profit rose 13 percent as lower costs and an income tax adjustment offset a dip in revenue. (Thu, 05 Nov 2009 16:46:10 GMT)

Rates on 30-year loans fall below 5 percent
AP - Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks. (Thu, 05 Nov 2009 19:40:24 GMT)

Supreme Court wades into mutual fund fee disparity
AP - The U.S. Supreme Court is taking a close look at a question individual investors have long asked about their mutual funds, but the courts have largely ignored: Why am I getting charged twice as much as big institutional clients? (Thu, 05 Nov 2009 22:07:36 GMT)

Fed's balance sheet expands in latest week
Reuters - The U.S. Federal Reserve's balance sheet grew slightly in the latest week on increased holdings of government and mortgage agency debt, Fed data showed on Thursday. (Thu, 05 Nov 2009 22:32:01 GMT)

Earnings roundup: Fannie Mae, Cornell
AP - Among the earnings stories for Thursday, Nov. 5, from AP Financial News: (Thu, 05 Nov 2009 22:33:13 GMT)

Citi files plans to spin off Primerica in IPO
AP - Citigroup Inc. filed plans for an initial public offering of its Primerica Inc. life insurance unit late Thursday, and said it will sell the rest of the unit after it goes public. (Thu, 05 Nov 2009 23:16:45 GMT)

Fannie Mae posts $18.9 billion Q3 loss, taps Treasury
Reuters - Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth. (Thu, 05 Nov 2009 23:32:31 GMT)

Fannie Mae seeks $15 bln in aid after loss
AFP - US state-controlled mortgage lender Fannie Mae posted Thursday another multibillion-dollar quarterly loss and said it needed an additional 15 billion dollars in taxpayer funds. (Thu, 05 Nov 2009 23:53:16 GMT)

Fannie Mae seeks $15 bln in US aid after 3Q loss
AP - Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising. (Fri, 06 Nov 2009 00:33:26 GMT)

Ahead of the Bell: Consumer Credit
AP - Consumers likely reduced their borrowing for an eighth straight month in September, as layoffs continue and credit remains tight. The declines in borrowing are expected to drag on the fledgling economic recovery. (Fri, 06 Nov 2009 11:36:38 GMT)

Dolan more than doubles 3Q profit
AP - Dolan Media Co., a provider of legal and professional publications and services, said Friday its third-quarter profit more than doubled as revenue grew sharply in its mortgage default processing services business. (Fri, 06 Nov 2009 13:49:14 GMT)

Neb. senator takes issue with student loan stance
AP - U.S. Sen. Mike Johanns said Thursday that his concern for Nebraska families is what's driving his opposition to legislation that would turn control of student loans over to the government — not lobbying from private student loan provider Nelnet Inc. of Lincoln. (Fri, 06 Nov 2009 16:35:13 GMT)

THE INFLUENCE GAME: Business aided by jobless bill
AP - Emergency help for the jobless will be a huge windfall for Realtors, homebuilders, mortgage bankers and others, and that's no accident. (Fri, 06 Nov 2009 16:55:38 GMT)

Best of both worlds? Combined pension/401k plan
AP - Over the last year it's become abundantly clear that the stock market can devastate even seemingly healthy retirement accounts. Even so, with the guaranteed income of traditional pensions disappearing, most investors have little choice. (Fri, 06 Nov 2009 20:31:13 GMT)

Defense asks jury to clear ex-hedge fund managers
AP - Two former Bear Stearns hedge fund managers charged with lying to investors always were honest about the risks of investing in securities linked to the volatile subprime mortgage market, a defense lawyer told a jury on Friday. (Fri, 06 Nov 2009 22:48:50 GMT)

Freddie Mac posts $5 billion loss
Reuters - Freddie Mac , the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing. (Sat, 07 Nov 2009 00:00:47 GMT)

Freddie Mac loses $6.3B in 3Q
AP - Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion. (Sat, 07 Nov 2009 00:35:17 GMT)

Fla. AG sues 2 companies in alleged mortgage scams
AP - The state is suing two central Florida companies for allegedly scamming homeowners trying to rescue their properties from foreclosure. (Mon, 09 Nov 2009 18:07:30 GMT)

Fitch downgrades Phoenix life insurance
AP - The life insurance subsidiaries of The Phoenix Companies Inc. received a ratings downgrade on Monday by Fitch Ratings. (Mon, 09 Nov 2009 20:36:45 GMT)

4 NYC homeowners sue over mortgage program
AP - Four New York City homeowners have filed a lawsuit charging they were denied access to a federal home-refinancing program. (Mon, 09 Nov 2009 21:32:24 GMT)

Fannie Mae tax credit decision could cost $5.2 bln
AP - Fannie Mae said Monday it may have to ask the government for more financial assistance because the company cannot sell $5.2 billion in tax credits. (Mon, 09 Nov 2009 22:52:05 GMT)

Trial of ex-Bear Stearns execs goes to jury
Reuters - Pay and venue were the focus of a jury's early deliberations on Monday in the trial of two former Bear Stearns hedge fund managers accused of fraud over dealings in mortgage-backed securities early in the financial crisis. (Mon, 09 Nov 2009 23:47:12 GMT)

Proposed delay of Ohio tax cuts spurs e-mails
AP - After Richard Handy of Fairfield received an e-mail from a conservative group calling Gov. Ted Strickland's proposed delay of Ohio's income tax cuts a "retroactive tax increase," Handy fired off a few passionate words to some state senators. (Tue, 10 Nov 2009 12:56:57 GMT)

Barclays, HSBC signal bad debts may have peaked
Reuters - Britain's top two banks, HSBC and Barclays , signaled bad debts may be past their peak, with HSBC declaring on Tuesday the first improvement for three years in losses on U.S. consumer credit. (Tue, 10 Nov 2009 14:20:31 GMT)

Housing plan reaches 1 in 5 borrowers
AP - After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says. (Tue, 10 Nov 2009 17:19:58 GMT)

JPMorgan Chase to hire 1,200 mortgage officers
AP - JPMorgan Chase & Co. said Tuesday it will hire 1,200 mortgage loan officers by the end of next year, a 60 percent increase in its sales force. (Tue, 10 Nov 2009 17:55:38 GMT)

2 ex-Bear Stearns hedge-fund managers acquitted
AP - Two Bear Stearns executives who ran hedge funds that collapsed after betting heavily on the shaky subprime mortgage market were acquitted Tuesday of lying to investors — a defeat in the government's bid to punish fraud exposed by the financial crisis. (Tue, 10 Nov 2009 22:48:45 GMT)

Emdeon 3Q loss widens on costs
AP - Emdeon Corp., which provides financial and clinical services to the health care industry, said Tuesday its third-quarter loss widened on higher expenses and a boost in income tax costs. (Tue, 10 Nov 2009 23:50:41 GMT)

The Great Rebalancing Debate
U.S. News & World Report - When is it appropriate to rebalance a portfolio? This question, a close companion of the ever-popular "How high is too high?" dilemma, has plagued investors for years, largely because there is no right answer. But if you're open to suggestions, a relatively new Website wants to send them directly to your inbox--for a fee. (Wed, 11 Nov 2009 17:03:27 GMT)

How Struggling Homeowners Can Stay in Their Homes as Renters
U.S. News & World Report - With foreclosures continuing to mount, housing finance giant Fannie Mae has introduced a fresh approach to keeping struggling borrowers in their homes: turning them into tenants. Fannie Mae--which, along with Freddie Mac, owns or guarantees nearly $5.5 trillion in mortgages--announced last week its Deed for Lease initiative, in which property owners facing foreclosure can remain in their homes as renters. Under the program, a borrower who qualifies can transfer the deed for a home over to the lender and lease the home back for up to 12 months. ... (Thu, 12 Nov 2009 14:56:13 GMT)

Rates on 30-year loans remain below 5 percent
AP - Rates this week for 30-year home loans stayed below 5 percent for the second week in a row. (Thu, 12 Nov 2009 16:30:15 GMT)

Alabama bank halts mortgage lending
AP - The second-largest thrift in Alabama is suspending mortgage lending amid hefty third-quarter losses as real-estate values moved lower and foreclosure rates turned higher. (Thu, 12 Nov 2009 16:58:35 GMT)

Pace of mortgage help rising but still slow
AP - Shontaye Edwards spends her day in a gray cubicle at a Bank of America call center in this Dallas suburb. On the other end of the phone line are homeowners — tense, exasperated and looking for help. (Thu, 12 Nov 2009 19:59:41 GMT)

Former Nevada businessman faces fraud charges
AP - A federal prosecutor says the former owner of a Nevada property firm faces conspiracy and fraud charges in a mortgage fraud scheme involving so-called "straw buyers" and false loan documents. (Thu, 12 Nov 2009 23:09:53 GMT)

Insurers Find China a Tough Nut to Crack
BusinessWeek - When insurer AIA moved back into its gray stone colonial headquarters on Shanghai's waterfront Bund in 1998, it marked the return of foreign insurance companies to China after their ejection nearly five decades earlier. Since then the floodgates have opened as Cigna , AXA , Allianz (Toronto:AZ.TO - News), and dozens more have set up shop on the mainland, aiming to tap a market of 1.3 billion people with few options for life insurance. (Fri, 13 Nov 2009 13:08:41 GMT)

AP sources: Probers eye census worker's insurance
AP - Investigators trying to solve the mystery of a census taker found hanging from a tree with the word "fed" scrawled on his chest are examining whether he manipulated the scene in order to conceal a suicide and make a life insurance claim possible for his son, law enforcement officials told The Associated Press. (Fri, 13 Nov 2009 16:42:15 GMT)

Insurer Woodmen files $30M lawsuit against US Bank
AP - Woodmen of the World wants U.S. Bank to pay nearly $30 million for investing some of the insurer's assets in risky mortgage-backed securities that plummeted in value instead of the conservative investments the bank promised. (Fri, 13 Nov 2009 21:05:15 GMT)

FHA boss: FHA is not the new subprime
AP - Federal Housing Administration Commissioner David Stevens said Saturday that concerns the agency is headed for the same financial trouble that snared Fannie Mae, Freddie Mac and the subprime sector are unwarranted. (Sat, 14 Nov 2009 22:27:11 GMT)

Insurers Find China a Tough Nut to Crack
BusinessWeek - When insurer AIA moved back into its gray stone colonial headquarters on Shanghai's waterfront Bund in 1998, it marked the return of foreign insurance companies to China after their ejection nearly five decades earlier. Since then the floodgates have opened as Cigna , AXA , Allianz (Toronto:AZ.TO - News), and dozens more have set up shop on the mainland, aiming to tap a market of 1.3 billion people with few options for life insurance. (Mon, 16 Nov 2009 13:08:47 GMT)

Thomson Reuters to buy tax software maker Sabrix
AP - Thomson Reuters Corp. said Monday it has agreed to buy Sabrix Inc., a company that makes tax software. (Mon, 16 Nov 2009 18:56:55 GMT)

Developers Diversified ends CMBS drought
Reuters - U.S. mall owner Developers Diversified Realty Corp snapped a dry spell of nearly a year and a half by selling $400 million of new commercial mortgage bonds on Monday, with help from an emergency Federal Reserve lending program. (Mon, 16 Nov 2009 19:04:12 GMT)

Frank floats loan plan for unemployed homeowners
AP - Rep. Barney Frank said Monday he is pushing a proposal to use some of the interest the government collects from the financial industry bailout to give loans to unemployed homeowners struggling to pay the mortgage. (Mon, 16 Nov 2009 21:21:25 GMT)

Fed proposes changes to mortgage disclosure law
AP - The Federal Reserve is proposing to exempt some investors from a requirement that consumers receive notice within 30 days after their home loan is sold or transferred to a new mortgage company. (Mon, 16 Nov 2009 21:30:46 GMT)

Report: Foreclosure crisis hits blacks, Latinos
AP - Black and Latinos are at a disproportionate risk in the ongoing foreclosure crisis because they are more likely than whites to have higher-cost mortgage loans and face higher unemployment rates, a report says. (Mon, 16 Nov 2009 23:15:20 GMT)

CIT has $1.07 billion loss before bankruptcy
Reuters - CIT Group Inc , the large U.S. consumer finance company, on Monday posted a $1.07 billion loss for the third quarter, the last full three-month period prior to its Chapter 11 bankruptcy filing. (Tue, 17 Nov 2009 00:20:32 GMT)

Mortgage delinquencies hit another record in 3Q
AP - The pace at which people fell behind on their mortgages slowed during the summer for the third consecutive quarter, but the overall delinquency rate hit another record, a new report shows. (Tue, 17 Nov 2009 11:50:12 GMT)

Insurers Find China a Tough Nut to Crack
BusinessWeek - When insurer AIA moved back into its gray stone colonial headquarters on Shanghai's waterfront Bund in 1998, it marked the return of foreign insurance companies to China after their ejection nearly five decades earlier. Since then the floodgates have opened as Cigna , AXA , Allianz (Toronto:AZ.TO - News), and dozens more have set up shop on the mainland, aiming to tap a market of 1.3 billion people with few options for life insurance. (Tue, 17 Nov 2009 13:08:42 GMT)

Maryland woman sentenced in mortgage fraud
AP - Federal prosecutors say a woman has been sentenced to more than 12 years in prison for her role in a mortgage fraud scheme. (Tue, 17 Nov 2009 14:52:27 GMT)

Obama orders task force to fight financial crime
Reuters - The Obama administration created a new task force on Tuesday vowing to crack down on financial fraud following a rise in mortgage scams and high-profile Wall Street trading scandals. (Tue, 17 Nov 2009 17:19:24 GMT)

FBI investigating NH mortgage company that closed
AP - A mortgage company in Meredith that closed suddenly last week is undergoing a criminal investigation by the FBI. (Tue, 17 Nov 2009 18:00:40 GMT)

Ahead of the Bell: Housing Starts
AP - New home construction likely inched higher in October as builders seized on the promise of more orders due largely to a federal tax credit for first-time homebuyers. (Wed, 18 Nov 2009 12:02:10 GMT)

Insurers Find China a Tough Nut to Crack
BusinessWeek - When insurer AIA moved back into its gray stone colonial headquarters on Shanghai's waterfront Bund in 1998, it marked the return of foreign insurance companies to China after their ejection nearly five decades earlier. Since then the floodgates have opened as Cigna , AXA , Allianz (Toronto:AZ.TO - News), and dozens more have set up shop on the mainland, aiming to tap a market of 1.3 billion people with few options for life insurance. (Wed, 18 Nov 2009 13:08:41 GMT)

Housing starts, permits fall sharply in October
Reuters - New U.S. housing starts in October unexpectedly fell to their lowest level in six months, weighed down by a sharp decline in construction activity for both single-family and multi-family dwellings, a government report showed on Wednesday. (Wed, 18 Nov 2009 13:49:09 GMT)

US home building slumps in October
AFP - US housing starts unexpectedly slumped in October as the economy struggles to emerge from a recession sparked off by a home mortgage meltdown, government data showed Wednesday. (Wed, 18 Nov 2009 14:46:50 GMT)

Income tax surcharge under study by NM task force
AP - Nearly three dozen tax increase proposals to help New Mexico cope with a budget shortfall are under consideration by a task force formed by Gov. Bill Richardson. (Wed, 18 Nov 2009 16:17:44 GMT)

Ohio business group endorses tax plan
AP - A business lobbying group that helped create a package of tax changes says it supports a plan to delay income tax cuts to balance Ohio's budget. (Wed, 18 Nov 2009 16:30:47 GMT)

US housing concerns weigh on world markets
AP - European stocks pared most of their gains Wednesday and Wall Street traded lower after a sharp fall in U.S. housing starts in October fueled concerns the U.S. economic recovery will not be as strong as some expected. (Wed, 18 Nov 2009 16:41:31 GMT)

Stocks falter on home construction data, tech
Reuters - Stocks fell on Wednesday on worrisome outlooks from major software makers and as a surprise drop in new home construction last month prompted concern about the strength of an economic recovery. (Wed, 18 Nov 2009 18:03:26 GMT)

Housing starts fall sharply, inflation edges up
Reuters - Construction of new homes in the United States hit a six month low in October, providing more evidence of the economy's sluggish recovery, while a surge in the cost of new and used vehicles lifted consumer prices. (Wed, 18 Nov 2009 18:12:01 GMT)

Stock market falls as home construction slows
AP - Investors turned cautious Wednesday as an unexpected drop in home construction and disappointing forecasts from technology companies raised concerns about the pace of the economy's recovery. (Wed, 18 Nov 2009 18:22:33 GMT)

Behind the Home Building 'Shocker'
U.S. News & World Report - The fitful nature of the housing sector's healing process was apparent Wednesday when a government report on new-home construction came in much weaker than economists had expected. The Commerce Department reported that October housing starts dropped nearly 11 percent from September and almost 31 percent from a year earlier. "The headline number is a shocker," Patrick Newport, U.S. economist at IHS Global Insight, said in a report. Here are four things you need to know about the development: (Wed, 18 Nov 2009 21:11:26 GMT)

U.S. foreclosures, delinquencies jump in 3rd quarter
Reuters - U.S. mortgage delinquency rates and the percentage of loans that entered the foreclosure process jumped in the third quarter, with both reaching record highs, the Mortgage Bankers Association said on Thursday. (Thu, 19 Nov 2009 15:01:14 GMT)

Rates on 30-year mortgages remain below 5 percent
AP - Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday. (Thu, 19 Nov 2009 16:50:33 GMT)

NY judge: Mortgage scammer to give lectures
AP - A Long Island woman convicted of acting as a "straw buyer" in a mortgage fraud scam has been ordered to give lectures on the perils of participating in such criminal schemes. (Thu, 19 Nov 2009 19:33:15 GMT)

New fed housing program involves $29B in financing
AP - A new federal program to support state and local housing finance agencies is expected to involve more than $29 billion in government support, Fannie Mae and Freddie Mac disclosed Thursday. (Thu, 19 Nov 2009 22:18:14 GMT)

Summary Box: Foreclosures surge
AP - FORECLOSURES RISE: The Mortgage Bankers Association reported that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. That was a record-high figure for the ninth straight quarter. (Thu, 19 Nov 2009 22:20:49 GMT)

NJ Resorts casino gets OK to give keys to lenders
AP - America's first casino to open outside Nevada got permission Thursday to hand itself over to its lenders because it can't pay the mortgage. (Thu, 19 Nov 2009 23:07:17 GMT)

General Growth, lenders agree on mall debt rework
AP - Mall operator General Growth Properties Inc., which filed the largest U.S. real estate bankruptcy case in history earlier this year, said Thursday its lenders have agreed to restructure some $8.9 billion in shopping mall mortgage loans. (Fri, 20 Nov 2009 01:53:35 GMT)

What's Next for Mortgage Rates?
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Why Foreclosures Rise Even as the Economy Expands
U.S. News & World Report - Even as the U.S. economy expanded in the third quarter, the nation's eroding labor market sent the mortgage delinquency rate to new heights and created fresh headaches for the Obama administration. About 1 in every 7 home loans in the country was either past due or in foreclosure at the end of the third quarter, according to the Mortgage Bankers Association's most recent National Delinquency Survey. That's the highest delinquency rate in the survey's history (the data begin in 1972). ... (Fri, 20 Nov 2009 16:35:07 GMT)

7 charged in alleged securities and mortgage scam
AP - State and federal prosecutors have charged seven people in an alleged securities scam that cheated dozens of people out of $17 million. (Fri, 20 Nov 2009 17:02:20 GMT)

Conseco subsidiary reaches reinsurance agreement
AP - Conseco Inc. said Friday that a subsidiary has reached a reinsurance agreement with Wilton Reassurance Co. covering about 237,000 life insurance policies. (Fri, 20 Nov 2009 17:30:11 GMT)

Ohio AG sues credit agencies for public pensions
AP - The three major credit ratings agencies gave mortgage-backed securities unjustifiably high ratings in return for lucrative fees, losing at least $457 million for five Ohio public employee pension and retirement funds, the state's attorney general alleged in a lawsuit filed Friday. (Fri, 20 Nov 2009 18:21:05 GMT)

13 charged with mortgage and loan fraud in Oregon
AP - A federal grand jury in Eugene has indicted 13 people on mortgage and loan fraud charges arising from the collapse of a central Oregon development company. (Fri, 20 Nov 2009 19:26:28 GMT)

New Hampshire AG seeks bankruptcy for mortgage co.
AP - The New Hampshire attorney general's office wants to force a mortgage company that closed suddenly into bankruptcy. (Fri, 20 Nov 2009 22:59:36 GMT)

Fed's Bullard: Keep MBS program active longer
Reuters - A senior Federal Reserve official said on Sunday the central bank should keep alive its mortgage-related assets purchase program beyond a planned end-date to give policy-makers more flexibility as they help the economy recover from a painful recession. (Mon, 23 Nov 2009 02:43:06 GMT)

Fannie Mae names Jonathan Plutzik to board
AP - Fannie Mae said Monday that it named Jonathan Plutzik, a former Credit Suisse executive, to its board directors. (Mon, 23 Nov 2009 21:30:43 GMT)

Dynex buys Deutsche Bank share of joint venture
AP - Dynex Capital Inc., a mortgage real estate investment trust, said Monday its subsidiary, Issued Holdings Capital Corp., has bought Deutsche Bank's shares of a joint venture for $9.5 million in cash, giving Dynex 99.75 percent ownership. (Mon, 23 Nov 2009 22:19:05 GMT)

Freddie Mac: Taylor, Bean loss may be significant
AP - Mortgage finance company Freddie Mac said Monday it could lose $500 million or more as a result of the bankruptcy protection filing of Taylor, Bean & Whitaker Mortgage Corp. (Mon, 23 Nov 2009 23:00:42 GMT)

Freddie says TBW-related loss may grow, files claim
Reuters - Freddie Mac, the U.S. mortgage finance giant, said on Monday it is seeking $595 million in loan payments and other funds hung up after the bankruptcy of lender Taylor, Bean & Whitaker. (Mon, 23 Nov 2009 23:23:01 GMT)

Va. man pleads guilty in mortgage loan scheme
AP - A Virginia Beach man faces up to 30 years in prison after pleading guilty to wire fraud in connection with a mortgage loan scheme. (Tue, 24 Nov 2009 17:36:18 GMT)

Lawmaker calls for restructuring Michigan taxes
AP - A veteran state lawmaker and Democratic gubernatorial candidate on Tuesday proposed swapping Michigan's flat income tax rate for a graduated one, eliminating a business tax surcharge and some business tax breaks, and lowering the sales tax rate while extending it to services. (Tue, 24 Nov 2009 18:45:17 GMT)

Fannie Mae: No investors for 15 days
AP - Fannie Mae says it won't consider offers from investors to buy its foreclosed properties until they have been on the market for 15 days. (Tue, 24 Nov 2009 21:22:14 GMT)

Officials highlight Nevada mortgage fraud problem
AP - U.S. Sen. Harry Reid joined federal and state officials at an event in Las Vegas highlighting law enforcement efforts to identify and prosecute mortgage fraud in Nevada. (Tue, 24 Nov 2009 21:59:39 GMT)

U.S. consumer mood turns less bleak late November: survey
Reuters - U.S. consumer sentiment improved slightly in November from earlier in the month, but it was weaker than October as deep anxiety lingered over personal finances, a survey showed on Wednesday. (Wed, 25 Nov 2009 15:36:21 GMT)

Idaho joins fight against foreclosure fraud
AP - Idaho Attorney General Lawrence Wasden is teaming with federal regulators and 26 other states to get tough on foreclosure rescue fraud. (Wed, 25 Nov 2009 16:19:10 GMT)

Rates on 30-year mortgages sink, match record low
AP - Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday. (Wed, 25 Nov 2009 16:33:04 GMT)

Capmark Financial gets OK to sell units
AP - Capmark Financial Group Inc. said it has received approval to complete the $515 million sale of its North American servicing and mortgage banking units to a joint venture owned by Warren Buffett's Berkshire Hathaway Inc. and Leucadia National Corp. (Wed, 25 Nov 2009 16:59:40 GMT)

Startups play matchmaker to challenge mutual funds
AP - If you're unhappy with your mutual fund, you can easily find another. After all, there are nearly 8,000 to choose from. (Wed, 25 Nov 2009 20:52:16 GMT)

Fannie Mae to tighten lending standards: report
Reuters - Fannie Mae plans to raise minimum credit score requirements next month and limit the amount of overall debt that borrowers can carry relative to their incomes, The Washington Post reported on Thursday. (Thu, 26 Nov 2009 11:07:12 GMT)

Consumer Credit and Loans: A Chilly Forecast
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Consumer Credit and Loans: A Chilly Forecast
BusinessWeek - During> We> It> With> The> The> Because> Where> What> In> Credit> The> Whether> Nevertheless,> The> The> Just> Home> The> In> Consumer> (Fri, 27 Nov 2009 13:08:41 GMT)

Owner of closed mortgage company returns to NH
AP - A lawyer for the owner of a closed mortgage company being investigated by the state says his client is back in New Hampshire. (Fri, 27 Nov 2009 14:27:14 GMT)

New York law regulates 'life settlement' industry
AP - A new New York law seeks to protect consumers by regulating "life settlements," in which the elderly sell their life insurance for far more than the value upon cancellation to get cash, often to stave off hard times. (Fri, 27 Nov 2009 14:36:48 GMT)

Groups contend Arizona bills cross legal lines
AP - The Arizona Supreme Court is being asked to overturn the Legislature's use of budget laws to set state policy on topics ranging from teachers' seniority rights and immigration enforcement to mortgage lawsuits and municipal building codes. (Fri, 27 Nov 2009 16:31:48 GMT)

Personal finance books for kids, teens and adults
AP - The approach of a new decade means a chance for a fresh start with your financial habits. Maybe your loved ones could use a nudge in that direction, too. (Fri, 27 Nov 2009 17:33:23 GMT)

Treasury wants more lender leeway on loans
Reuters - The Treasury Department wants lenders and companies that process monthly mortgage payments to do more to rework troubled home mortgage loans and will announce new measures on Monday aimed at achieving that goal, a department spokeswoman said on Saturday. (Sun, 29 Nov 2009 03:20:07 GMT)

Administration plans new efforts on foreclosures
AP - The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday. (Sun, 29 Nov 2009 16:00:22 GMT)

Treasury to meet with mortgage servicers
Reuters - The Treasury Department is expected to meet with lenders on Monday to press them to do more to rework troubled home mortgage loans, a source familiar with the Treasury's thinking said. (Mon, 30 Nov 2009 12:27:18 GMT)

U.S. banks have recognized most credit losses: Goldman
Reuters - U.S. banks have already recognized two-thirds of an estimated $2.1 trillion to $2.6 trillion in credit losses, but prime mortgage and commercial real estate would contribute more to the remaining losses, Goldman Sachs said. (Mon, 30 Nov 2009 16:44:54 GMT)

9 Ways Spending Changes in Retirement
U.S. News & World Report - Retirees don't have to pay for professional work clothes, dry cleaning, or transportation to the office. So some workers reason that they will be able to get by with a lower income when they retire. But spending on basic necessities typically increases in retirement. The budget for food, housing, and healthcare is larger for retirees at every income level, according to research by Deanna Sharpe, an associate professor of personal financial planning at the University of Missouri. "What we can't say is that people will spend drastically less," she says. ... (Mon, 30 Nov 2009 16:51:19 GMT)

Gov't increases pressure on mortgage industry
AP - The Obama administration will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to boost participation in its mortgage assistance program. (Mon, 30 Nov 2009 17:08:58 GMT)

AIG shares fall after analyst questions reserves
Reuters - Shares of AIG fell 12 percent on Monday after an analyst raised concerns about a possible deficiency in the company's non-life insurance reserves. (Mon, 30 Nov 2009 17:49:39 GMT)

Treasury sets guidance to simplify "short sales"
Reuters - The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures. (Mon, 30 Nov 2009 23:58:59 GMT)