Personal Finance News Dec 2009

Home Lenders Face Sanctions Over Failed Modifications
BusinessWeek - (Bloomberg) The U.S. Treasury Dept. will begin taking action against lenders that aren't doing enough to ease mortgage payments for troubled homeowners as part of the Obama Administration's $75 billion pledge to curb foreclosures. Lenders> The> The> "We> Seriously>The> The> Eligible> Mortgage> The> A>Robert> One> The> Bank> "As> The> (Tue, 01 Dec 2009 13:08:41 GMT)

A Lesson From AIG: How to Fix the Fed
U.S. News & World Report - Of all the villains responsible for the Great Economic Wipeout, the Federal Reserve is pretty far down the list. It's certainly behind members of Congress who deregulated the banks in 1999, allowing once staid institutions to gamble recklessly. Then there are notorious CEOs like Martin Sullivan of AIG, Angelo Mozilo of Countrywide Financial, and Richard Fuld of Lehman Brothers whose greed and hubris wrecked their companies. Crooked mortgage brokers, rapacious Wall Street traders, and millions of irresponsible homeowners were key supporting actors in the revolting drama, too. (Tue, 01 Dec 2009 15:51:59 GMT)

Home Lenders Face Sanctions Over Failed Modifications
BusinessWeek - (Bloomberg) The U.S. Treasury Dept. will begin taking action against lenders that aren't doing enough to ease mortgage payments for troubled homeowners as part of the Obama Administration's $75 billion pledge to curb foreclosures. Lenders> The> The> "We> Seriously>The> The> Eligible> Mortgage> The> A>Robert> One> The> Bank> "As> The> (Wed, 02 Dec 2009 13:08:44 GMT)

Vanguard: 60 percent of 401k accounts recovered
AP - Another major provider of 401(k) accounts says the typical retirement saver now has more money in their account than they did before the stock market began tumbling two years ago. (Wed, 02 Dec 2009 17:49:22 GMT)

General Growth to emerge from Ch. 11 bankruptcy
AP - General Growth Properties Inc. said Wednesday lenders have agreed to restructure about $9.7 billion in debt under a plan that will allow the nation's second-largest shopping mall operator to emerge from bankruptcy protection by the end of the year. (Wed, 02 Dec 2009 18:18:02 GMT)

Fed's Lacker flags need for exit, favors asset sales
Reuters - The U.S. Federal Reserve must remain alert to lurking inflation risks, and could begin removing monetary stimulus by selling some of the mortgage debt it acquired during the financial crisis, a top central bank official said on Wednesday. (Wed, 02 Dec 2009 22:00:36 GMT)

MSU: Michigan population loss cost $4.4 billion
AP - Michigan has lost $1.9 billion in economic activity and $2.5 billion in home equity value in three years because of population declines in 63 of its 83 counties, according to a Michigan State University study. (Thu, 03 Dec 2009 13:01:03 GMT)

What the FHA's New Criteria Mean for Housing
U.S. News & World Report - After the real estate crash decimated the mortgage market, a tiny government agency has assumed an outsize role in the housing recovery. In 2006, the Federal Housing Administration--which insures home loans against default--backed just 3 percent of new home-purchase mortgages. But today, the agency insures nearly 3 out of every 10 new home loans. That's because while banks have raised their lending standards, credit requirements for FHA-backed loans have remained fairly liberal. ... (Thu, 03 Dec 2009 15:05:55 GMT)

U.S. mortgage rates fall to record low: Freddie Mac
Reuters - U.S. mortgage rates dropped to a record low in the latest week, as rates fell for a fifth straight week, a closely watched mortgage survey showed Thursday. (Thu, 03 Dec 2009 16:42:30 GMT)

Rates on 30-year mortgages set new record low
AP - The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. (Thu, 03 Dec 2009 17:12:51 GMT)

Getting a Mortgage in 2010: 10 Things to Know
U.S. News & World Report - More than three years into a painful housing crash, the real estate market has sent recent--albeit tentative--signs of stabilization. Home sales have increased, inventory levels are down, and price declines have become less precipitous. Along with more affordable home prices and a tax perk from Uncle Sam, attractive mortgage rates--which remained below 5 percent as of late November--have been a driving force behind this development. The availability of low mortgage rates will play a decisive role in the performance of the 2010 housing market as well. ... (Thu, 03 Dec 2009 18:05:51 GMT)

HRPT Properties closes on $175 million mortgage
AP - HRPT Properties Trust on Friday said it completed a new mortgage financing for $175 million, and plans to use the proceeds to reduce outstanding debt under its revolving bank credit facility. (Fri, 04 Dec 2009 16:13:32 GMT)

Oklahoma man sentenced for money laundering
AP - An Edmond man has been sentenced to 30 months in prison for money laundering. (Fri, 04 Dec 2009 16:38:44 GMT)

ALL BUSINESS: Help needed for underwater mortgages
AP - Stop paying your mortgage. (Fri, 04 Dec 2009 22:51:58 GMT)

Riso replaces Kellman as Care CEO
AP - Care Investment Trust Inc., a real estate investment trust that invests in healthcare-related real estate and commercial mortgage debt, said Friday that Salvatore Riso Jr. had become chief executive officer. (Fri, 04 Dec 2009 23:53:15 GMT)

Quarter in U.S. foreclosure plan late on payments
Reuters - More than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments, a Treasury Department survey has found. (Sat, 05 Dec 2009 22:13:31 GMT)

Ahead of the Bell: Consumer Credit
AP - Consumers likely borrowed less for a record ninth straight month in October as households faced tight credit conditions and unemployment that hit a 26-year high. A further decline in borrowing would be more evidence of weak consumer spending, making it harder for the economy to mount a sustained rebound. (Mon, 07 Dec 2009 11:27:59 GMT)

Mortgage Rates in U.S. Decline to Record Low
BusinessWeek - (Bloomberg) -- Mortgage rates for fixed 30-year loans in the U.S. dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s. (Mon, 07 Dec 2009 13:08:42 GMT)

FHA Mulling More Stringent Mortgage Rules
BusinessWeek - Home buyers might soon have to bring more cash to the table to qualify for Federal Housing Authority-backed mortgages. The FHA mortgages, which now make up 30% of originations, have surged in popularity because borrowers need a down payment of just 3.5% to qualify, but the housing crisis has battered the agency's reserves. (Mon, 07 Dec 2009 13:08:42 GMT)

Bank of America says 600,000 mortgages modified
AP - Bank of America Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008. (Mon, 07 Dec 2009 18:42:15 GMT)

Court upholds sentence in mortgage fraud
AP - A federal appeals court on Monday dismissed a request to open a hearing into extending the prison sentence of mortgage broker Nelson Miller, who was convicted in January 2008 of fraud and conspiracy to commit fraud. (Mon, 07 Dec 2009 22:39:29 GMT)

Few borrowers getting permanent mortgage relief
AP - Executives at two of the nation's largest banks say they are struggling to get homeowners to complete the necessary paperwork for the Obama administration's mortgage relief plan, and only a fraction of homeowners have finished the process. (Mon, 07 Dec 2009 22:45:47 GMT)

SEC charges ex-N.Century execs in subprime case
Reuters - Three former executives at now-bankrupt lender New Century Financial Corp were charged with fraud by U.S. securities regulators on Monday, the latest government effort to pursue wrongdoing in the subprime mortgage market. (Mon, 07 Dec 2009 23:21:13 GMT)

SEC accuses 3 ex-New Century execs of fraud
AP - Federal regulators on Monday accused three former top executives of collapsed mortgage lender New Century Financial Corp. of fraud, saying they misled investors and inflated profits as the company's subprime loan business was failing in 2006. (Tue, 08 Dec 2009 00:26:04 GMT)

NC bank panel hears comment on new mortgage rules
AP - Banks and anyone else with an interest in how new North Carolina mortgage laws are applied have an invitation to sound off. (Tue, 08 Dec 2009 15:25:34 GMT)

Lawmakers impatient with Obama mortgage plan
AP - Only one in three homeowners who have signed up for the Obama administration's mortgage relief plan have sent back the necessary paperwork, highlighting continuing problems for the government's effort to stem the foreclosure crisis. (Tue, 08 Dec 2009 21:10:22 GMT)

JPMorgan CEO: Bank sees more mortgage losses
AP - JPMorgan Chase & Co.'s CEO said Tuesday that the bank sees additional losses on home loans next year even as the economy shows slight improvements. (Tue, 08 Dec 2009 21:56:30 GMT)

JPMorgan sees consumer losses rising
Reuters - JPMorgan Chase & Co sees additional losses on credit cards and home loans next year although there are some signs the rate of losses is settling and it may not need to build credit reserves much further, Chief Executive Jamie Dimon said on Tuesday. (Tue, 08 Dec 2009 21:59:41 GMT)

SEC sues head of defunct Brookstreet Securities
AP - Federal regulators have sued a defunct California investment brokerage and its former CEO, accusing them of fraud in selling more than $300 million worth of risky mortgage-backed securities to unsophisticated investors. (Wed, 09 Dec 2009 00:12:04 GMT)

US charges 5 with foreclosure scam in Philly area
AP - Five people were charged with using a supposed mortgage-rescue program to steal nearly $15 million in home equity from homeowners facing foreclosure in suburban Philadelphia. (Wed, 09 Dec 2009 13:04:19 GMT)

Mortgage application volume rises 8.5 percent
AP - Mortgage application volume increased 8.5 percent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report Wednesday from the Mortgage Bankers Association. (Wed, 09 Dec 2009 13:37:14 GMT)

Lawmakers want to extend $31B in tax breaks
AP - Lawmakers want to extend $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes. The problem: how to pay for it. (Wed, 09 Dec 2009 14:56:11 GMT)

GOP gov candidate announces Illinois finance plan
AP - Republican candidate for governor Andy McKenna proposed dramatically cutting state spending to rescue Illinois' finances without an income tax increase. (Wed, 09 Dec 2009 14:58:05 GMT)

U.S. mortgage applications driven up by refinancings
Reuters - Demand for U.S. home loans rose last week to the highest level in about two months, mostly from borrowers taking advantage of low mortgage rates to refinance, the Mortgage Bankers Association said on Wednesday. (Wed, 09 Dec 2009 16:54:55 GMT)

Only 10K permanent loan modifications as of Oct.
AP - Only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration's mortgage relief plan, more evidence of serious failings in the government's effort to stem the foreclosure crisis. (Wed, 09 Dec 2009 21:35:56 GMT)

Wholesale inventories, mortgage demand rise
Reuters - U.S. wholesalers started restocking in October for the first time in more than a year, suggesting the economy could get a lift as a long-running effort by businesses to pare inventories reaches an end. (Wed, 09 Dec 2009 21:52:40 GMT)

SL Green Realty buys mortgage of 510 Madison Ave.
AP - SL Green Realty Corp. said Wednesday it bought the first mortgage loan secured by property at 510 Madison Ave in New York from Union Labor Life Insurance Co. (Wed, 09 Dec 2009 22:34:15 GMT)

3 arrested for Newport Beach home invasion
AP - Three men were under arrest and two other suspects were at large Wednesday after a violent robbery at an Orange County mansion owned by the founder of a collapsed subprime mortgage lender. (Wed, 09 Dec 2009 23:44:50 GMT)

House votes to extend $31B in expiring tax breaks
AP - The House voted Wednesday to extend $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes, to be financed with a tax increase on investment fund managers and a crackdown on international tax cheats. (Thu, 10 Dec 2009 02:35:06 GMT)

Lenders take over NJ's 1st casino for nonpayment
AP - Don't pay your mortgage, and eventually the bank will own your home. (Thu, 10 Dec 2009 04:22:00 GMT)

Foreclosure filings fall 8 percent in November
AP - The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help. (Thu, 10 Dec 2009 05:42:24 GMT)

Ariz. AG, bank execs meet about mortgage crisis
AP - Arizona Attorney General Terry Goddard will be in Washington on Thursday to meet with executives from some of the nation's largest banks. (Thu, 10 Dec 2009 15:05:48 GMT)

Treasury: housing aid to push TARP losses up
Reuters - The Treasury Department said on Thursday that losses from the government's $700 billion financial rescue fund are likely to rise as disbursements to battle mortgage foreclosures increase. (Thu, 10 Dec 2009 15:15:45 GMT)

U.S. fixed mortgage rates climb from record lows
Reuters - U.S. fixed home loan rates edged above record lows in the past week, tracking bond yields higher following surprise improvement in November employment, home funding company Freddie Mac said on Thursday. (Thu, 10 Dec 2009 15:23:55 GMT)

Share some financial lessons with these gift ideas
AP - While others are blowing their holiday budgets, you can set an example and send a message by giving a gift with a focus on personal finance. (Thu, 10 Dec 2009 17:01:38 GMT)

Emerging markets too hot? Try mature economies
AP - Spicy numbers make it easy to see emerging markets' allure: The average Latin American stock fund has more than doubled this year. (Thu, 10 Dec 2009 17:09:05 GMT)

BlackRock plans hedge fund for U.S. retail clients
Reuters - BlackRock Inc plans to launch a new portfolio giving wealthy individual investors access to normally difficult to obtain hedge funds, the asset manager said in a regulatory filing on Thursday. (Thu, 10 Dec 2009 17:38:10 GMT)

Mortgage rates still below 5 percent
AP - Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday. (Thu, 10 Dec 2009 21:44:37 GMT)

Gov't mortgage plan provides little permanent help
AP - The Obama administration's embattled mortgage relief plan has provided permanent help to only 4 percent of borrowers who have signed up, weak results that could threaten the housing market's recovery. (Thu, 10 Dec 2009 23:28:53 GMT)

Stocks vs. Bonds: Tax Strategies, State by State
BusinessWeek - It's a given for many academics and investors that over the long run stocks outperform bonds. But those in the top tax bracket may want to rethink that axiom, especially if they live in states with high income tax rates. That's because for tax purposes, most states generally don't treat stock gains or dividends any differently than ordinary income. (Fri, 11 Dec 2009 13:08:42 GMT)

Obama Housing Rescue: Hardly Any Permanent Fixes
U.S. News & World Report - While the Obama administration is temporarily reducing mortgage payments for a growing number of troubled borrowers, it has failed to find permanent fixes for all but a precious few. A little more than 4 percent--or 31,382--of the more than 728,000 modifications underway through November have advanced from the program's trial period to the permanent phase. News of the dismal conversion rate comes shortly after the administration announced new efforts to pressure mortgage servicers to do more to keep struggling borrowers in their homes. ... (Fri, 11 Dec 2009 15:24:30 GMT)

House kills mortgage relief in Wall Street bill
AP - The House has rejected an effort to expand a Wall Street regulation bill with mortgage relief that would let debt-ridden homeowners reduce their payments in bankruptcy court. The vote was 241-188 to reject. (Fri, 11 Dec 2009 18:22:32 GMT)

U.S. House rejects mortgage "cramdown" measure
Reuters - In a win for the banking industry, the U.S. House of Representatives voted on Friday to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distressed homeowners. (Fri, 11 Dec 2009 18:41:56 GMT)

Goldman Sachs played bigger role in AIG trades: report
Reuters - Goldman Sachs Group Inc played a bigger role in fueling the mortgage bets that crippled American Insurance Group Inc than has been publicly disclosed, the Wall Street Journal reported on Saturday. (Sat, 12 Dec 2009 21:49:39 GMT)

Student loan default data highlights for-profits
AP - More than one in five borrowers of federal student loans who attend for-profit colleges default within three years of repayment, new figures made available by the U.S. Department of Education on Monday show. (Mon, 14 Dec 2009 05:01:47 GMT)

Judge considers restricting Wells Fargo lawsuit
AP - A federal judge suggested Monday that he might restrict the scope of a first-of-its kind lawsuit filed by the city of Baltimore against mortgage giant Wells Fargo Bank N.A. (Mon, 14 Dec 2009 20:54:38 GMT)

Protesters at Chase NYC offices, want mortgage aid
AP - Hundreds of people have entered the JPMorgan Chase & Co. offices to protest what they say is the bank's insufficient efforts to help struggling homeowners save their homes. (Mon, 14 Dec 2009 22:43:42 GMT)

Weyerhaeuser to convert to REIT
Reuters - Forest products maker Weyerhaeuser Co plans to convert into a real estate investment trust and pay a special dividend, a plan that will give it greater financial flexibility as the recession fades. (Tue, 15 Dec 2009 14:03:59 GMT)

Weyerhaeuser board OKs conversion to REIT status
AP - Weyerhaeuser said Tuesday its board has approved a conversion of the forest products giant into a real estate investment trust, letting the company take advantage of certain tax benefits. (Tue, 15 Dec 2009 14:47:53 GMT)

US housing starts, permits surge
AFP - US housing starts jumped 8.9 percent in November, official data showed Wednesday in a further sign that the troubled sector is on the mend. (Wed, 16 Dec 2009 14:16:48 GMT)

Consumer prices edge higher, housing starts up
Reuters - U.S. consumer prices rose modestly last month, while new home building bounced back from an October slump, suggesting inflation is not yet a concern even as the economy's recovery moves forward. (Wed, 16 Dec 2009 17:36:25 GMT)

Housing Recovery Will Revive Retirement Plans
U.S. News & World Report - Buy a house, pay the monthly mortgage, watch your home's value grow, and eventually sell it and fund your retirement dreams. It seemed to be the natural order of things until the bubble burst. For older homeowners, the new order of things is to either sell your home at a huge loss or stay put and hope things will get better before you're too old and frail to have any retirement dreams left. For recent homeowners, there is no dream. ... (Wed, 16 Dec 2009 17:53:22 GMT)

Stocks rise on benign reading for consumer prices
AP - A benign reading on consumer inflation boosted stocks and Treasurys Wednesday as concerns eased that the Federal Reserve will be forced to raise interest rates. (Wed, 16 Dec 2009 18:15:45 GMT)

Shares of homebuilders climb on housing reports
AP - Shares of homebuilders climbed Wednesday after reports showed an uptick in home construction and mortgage application volume. (Wed, 16 Dec 2009 18:38:20 GMT)

Alabama Democrats propose $1B highway program
AP - Democrats in the Alabama Senate will try again in the new year to invest $1 billion from a state savings account in a 10-year boom in road and bridge construction that would be nearly twice the size of the federal stimulus funding for highways. (Wed, 16 Dec 2009 22:28:10 GMT)

Fed holds rates low as weak economy caps inflation
AP - The economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise — but not anytime soon. (Wed, 16 Dec 2009 23:10:24 GMT)

AIG to file prospectus for AIA IPO: report
Reuters - Bailed-out U.S. insurer American International Group plans to file a prospectus for a multibillion-dollar IPO of its Asian life insurance unit before Christmas, the Financial Times reported on Thursday. (Thu, 17 Dec 2009 01:57:11 GMT)

Ohio sues mortgage servicing firm
AP - The state attorney general filed suit Wednesday against a New York-based mortgage servicing company that he claims has been poorly serving its Ohio customers. (Thu, 17 Dec 2009 13:22:18 GMT)

Mortgage rates rise slightly but stay below 5 pct.
AP - Mortgage rates rose for the second consecutive week but the number of homeowners who applied for refinancing remained strong. (Thu, 17 Dec 2009 17:25:18 GMT)

Miss. posts 0.2 percent drop in personal income
AP - Mississippi posted a 0.2 percent drop in personal income during the third quarter of 2009. (Thu, 17 Dec 2009 18:57:14 GMT)

Louisiana posts biggest personal income drop
AP - Louisiana posted the largest drop in personal income during the third quarter of 2009, the federal Bureau of Economic Analysis reported Thursday. (Thu, 17 Dec 2009 19:57:19 GMT)

Top technology sector mutual funds of 2009
AP - Mutual funds specializing in technology stocks have been the top-performing U.S. stock fund category this year with an average return of 57 percent. Below are the three best performers, excluding those that have less than $100 million in assets or aren't available to individual investors: (Thu, 17 Dec 2009 21:38:04 GMT)

Tech investing will be a tougher play in 2010
AP - Mutual funds that bet exclusively on technology stocks are the star performers of 2009. (Thu, 17 Dec 2009 21:39:48 GMT)

Fannie, Freddie suspend foreclosures
AP - Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season. (Thu, 17 Dec 2009 22:04:39 GMT)

Home Prices Without Fed Support
BusinessWeek - The U.S. housing market has been on government life support for much of 2009. Thanks to the feds' bounty of tax credits, purchases of mortgage securities, interest-rate cuts, and home loan programs, new and existing home sales are up. The median home price rose, to $177,900. What happens in 2010 depends on whether the market can stand on its own. (Fri, 18 Dec 2009 13:08:41 GMT)

Va. gov: End car tax, raise income tax 1 percent
AP - The state's hated local car tax would be replaced with a $2 billion-a-year income tax increase under the new budget Gov. Timothy M. Kaine presented Friday. (Fri, 18 Dec 2009 15:56:19 GMT)

2 convicted in large NJ mortgage fraud scheme
AP - A federal jury in New Jersey has convicted two men in a multimillion-dollar mortgage fraud and property flipping scheme involving homes in Paterson. (Fri, 18 Dec 2009 16:33:05 GMT)

Decade in Review: A wild ride in personal finance
AP - It was a decade of living dangerously. (Fri, 18 Dec 2009 17:59:03 GMT)

Thornburg's $11 billion servicing portfolio up for sale
Reuters - The trustee for bankrupt U.S. mortgage lender Thornburg Mortgage Inc gained court approval on Friday to auction the company's $11 billion mortgage servicing portfolio early next year. (Fri, 18 Dec 2009 18:10:55 GMT)

Career Education drops as accreditor questioned
AP - Shares of for-profit education company Career Education Corp. fell for a second day Friday after new government scrutiny raised concern that the accreditation of one of its schools may be in jeopardy, potentially making it ineligible for federal student loans. (Fri, 18 Dec 2009 22:53:38 GMT)

Borrowers with modified loans falling into trouble
AP - Homeowners who get a substantial cut in their monthly mortgage payments still stand a good chance of falling behind again, a report by two federal regulators says. (Mon, 21 Dec 2009 15:03:19 GMT)

Low mortgage delinquency rates expected in Plains
AP - The lowest mortgage delinquency rates in the nation next year should be in Nebraska, South Dakota and North Dakota. (Mon, 21 Dec 2009 16:01:53 GMT)

Serious U.S. mortgage delinquencies up 20 percent
Reuters - Serious delinquencies among U.S. prime mortgages rose nearly 20 percent in the third quarter from the prior quarter, as the percentage of current and performing mortgages fell for the sixth consecutive quarter, banking regulators said on Monday. (Mon, 21 Dec 2009 16:24:27 GMT)

Freddie Mac: Director will not seek re-election
AP - Mortgage finance company Freddie Mac said Monday that one of its directors, Barbara T. Alexander, will not seek re-election when her term expires in March 2010. (Mon, 21 Dec 2009 19:35:42 GMT)

10 Things to Know About Real Estate in 2010
U.S. News & World Report - Is 2010 the year to buy a house? It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemic--while painful for many home owners--has created some wonderful opportunities for bargain hunters. If that's not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June. (Mon, 21 Dec 2009 20:59:11 GMT)

Obama nominates Theordore Tozer to head Ginnie Mae
Reuters - President Barack Obama nominated Theodore Tozer to be President of the Government National Mortgage Association, or Ginnie Mae, the White House said on Monday. (Mon, 21 Dec 2009 22:26:38 GMT)

Home mortgage foreclosures rise in third quarter
The Christian Science Monitor - Banks and government agencies are ramping up their efforts to save troubled home loans, but not fast enough to keep the wave of foreclosures from rising. (Mon, 21 Dec 2009 23:03:00 GMT)

U.S. mortgage industry grapples with new disclosures
Reuters - The biggest changes to home loan disclosures since the 1970s are around the corner and many in the industry are warning that misunderstandings will create a logjam of confusion just as housing tries to recover. (Tue, 22 Dec 2009 00:24:28 GMT)

Anworth Mortgage declares quarterly dividend
AP - Anworth Mortgage Asset Corp.'s board of directors has declared a quarterly dividend of 28 cents. (Tue, 22 Dec 2009 04:29:53 GMT)

Lingle: Use hotel tax money for state budget
AP - Faced with a $1.2 billion budget gap, Gov. Linda Lingle on Monday proposed the state take about $100 million in hotel taxes from Hawaii's four counties next year and delay the payment of some personal and corporate income tax refunds. (Tue, 22 Dec 2009 15:00:04 GMT)

6 accused in Mass. mortgage scheme
AP - Six people have been indicted for allegedly participating in a multimillion dollar mortgage fraud scheme in the Boston area. (Tue, 22 Dec 2009 17:29:59 GMT)

NY mortgage servicing firm to create 1,000 NC jobs
AP - A mortgage servicing company says it will expand its North Carolina operation by adding about 1,000 call center and loan servicing jobs. (Tue, 22 Dec 2009 20:37:37 GMT)

Sierra Pacific says tender offer has expired
AP - Sierra Pacific Power Co. said Tuesday that a tender offer has expired for its 6.75 percent general and refunding mortgage notes due 2037. (Tue, 22 Dec 2009 20:53:46 GMT)

World markets rise on stronger US housing sales
AP - Asian and European stock markets were higher Wednesday after a jump in U.S. housing sales suggested the world's biggest economy is picking up speed. (Wed, 23 Dec 2009 08:42:21 GMT)

MGIC shares fall on insurance denial complaint
Reuters - Shares of MGIC Investment Corp fell nearly 10 percent, a day after the largest U.S. mortgage insurer said two units of Bank of America Corp filed a complaint for declaratory relief against it in the Superior Court of the State of California. (Wed, 23 Dec 2009 17:05:44 GMT)

Read This Before Borrowing Against Your Home
The Motley Fool - When you need money, it's natural to think about what you can borrow from your biggest asset: your home. (Wed, 23 Dec 2009 21:00:55 GMT)

MGIC shares drop after lawsuit disclosure
AP - Shares of MGIC Investment Corp. tumbled Wednesday after the mortgage insurer disclosed it was being sued by Bank of America's mortgage unit in a dispute over claims. (Wed, 23 Dec 2009 21:12:04 GMT)

Winterize Your Home for Round 2
The Motley Fool - Did the early arrival of winter catch you off guard? Even if you're still digging your way out of your home, there are a bunch of money- and life-saving things you can do around your home before the next big storm passes through. (Wed, 23 Dec 2009 21:12:54 GMT)

Fannie, Freddie CEO pay gets regulator nod: report
Reuters - The U.S. housing regulator has approved pay packages for the chief executives of mortgage finance companies Fannie Mae and Freddie Mac in the range of $4 million to $6 million, the Wall Street Journal said, citing people familiar with the matter. (Thu, 24 Dec 2009 04:50:10 GMT)

Rent vs. Buy: 8 Essential Questions
The Motley Fool - Ah, homeownership: So many yearn to own a mass of lumber, pipes, wires, and glass -- and possibly the surrounding land and air space. Indeed, it's best not to romanticize what will likely be the biggest financial commitment you ever make. (Thu, 24 Dec 2009 15:57:20 GMT)

US approves millions for Fannie, Freddie execs
AFP - US officials Thursday unveiled multimillion dollar pay packages for executives at bailed-out mortgage finance giants Fannie Mae and Freddie Mac in a new step back from a clampdown on executive compensation. (Thu, 24 Dec 2009 16:02:23 GMT)

How to Hire Reputable Contractors
The Motley Fool - Homeowners often complain of projects that cost more than estimated, delays, low-quality workmanship, miscommunications, and outright scams, all of which can pack a wallop to your wallet. (Thu, 24 Dec 2009 16:15:30 GMT)

Regulator approves millions for Fannie, Freddie execs
Reuters - The top U.S. housing regulator said on Thursday it approved 2009 pay packages of up to $6 million each for the chief executives of government-controlled mortgage giants Fannie Mae and Freddie Mac . (Thu, 24 Dec 2009 17:10:49 GMT)

Mortgage rates inch above 5 percent
AP - The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications. (Thu, 24 Dec 2009 18:19:05 GMT)

Fannie and Freddie CEOs to get up to $6M in pay
AP - The two chief executives of Fannie Mae and Freddie Mac could get paid as much as $6 million for 2009, despite the companies' dismal performances this year which cost taxpayers more than $100 billion. (Thu, 24 Dec 2009 18:22:01 GMT)

Gov't lifts bailout cap for Fannie and Freddie
AP - The Obama administration says it is removing the $400 billion financial cap it will provide to Fannie Mae and Freddie Mac to keep the mortgage giants from failing. (Thu, 24 Dec 2009 19:50:58 GMT)

Fed bought $15 billion net in agency MBS in latest week
Reuters - The Federal Reserve bought $15.0 billion net of agency mortgage-backed securities in the latest week, the New York Fed said on its website on Thursday. (Thu, 24 Dec 2009 20:09:13 GMT)

Treasury uncaps credit line for Fannie, Freddie
Reuters - The Obama administration pledged on Thursday to back beleaguered mortgage finance giants Fannie Mae and Freddie Mac no matter how big their losses may be in the next three years. (Thu, 24 Dec 2009 22:11:05 GMT)

US extends financial guarantees to mortgage giants
AFP - The US government has pledged virtually unlimited aid to mortgage finance giants Fannie Mae and Freddie Mac through 2012 to allow the government-sponsored firms to weather any new crisis. (Fri, 25 Dec 2009 09:48:34 GMT)

Treasury removes cap for Fannie and Freddie aid
AP - The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac. (Fri, 25 Dec 2009 15:24:10 GMT)

Credit crunch: Home equity lending evaporates
AP - Hocking the house for quick cash is a lot harder than it used to be, and it's causing headaches for homeowners, banks and the economy. (Fri, 25 Dec 2009 16:37:53 GMT)

Freddie Mac sees rates headed to 6 percent by end of 2010
Reuters - After hitting an all-time low in early December, the average rate on a 30-year, fixed-rate mortgage rose to 5.05 percent this week and could climb to 6 percent by the end of 2010, the Washington Post reported on Saturday, citing U.S. mortgage financier Freddie Mac's latest survey. (Sat, 26 Dec 2009 05:38:00 GMT)

Pros and Cons of Prepaid Tuition Plans
The Motley Fool - Prepaid tuition programs are exactly what the name implies: the chance to pay now and buy a certain number of educational credits/years of college at today's tuition rates. Or so the promotional materials like to say. (Mon, 28 Dec 2009 14:41:47 GMT)

Idaho AG: Cheated homeowners get $19K settlement
AP - Attorney General Lawrence Wasden says Idaho homeowners who were duped into paying a New Jersey company to help them modify their mortgages will get more than $19,000 in a settlement. (Mon, 28 Dec 2009 18:53:31 GMT)

Fannie Mae mortgage holdings fell sharply in Nov
Reuters - Fannie Mae's gross mortgage portfolio shrank sharply in November, at an annual 26.1 percent rate, to $752.2 billion, the largest U.S. home funding provider said on Monday. (Mon, 28 Dec 2009 21:44:29 GMT)

Stifel reaches auction-rate securities settlement
AP - Financial services firm Stifel Nicolaus & Co. will complete the buyback of auction-rate securities from individual investors six months early under a settlement reached Monday with Missouri and other states. (Tue, 29 Dec 2009 01:52:39 GMT)

CapitalSource nets $119M from HUD mortgage deal
AP - Commercial lender CapitalSource Inc. on Tuesday said it received about $119 million in cash proceeds after closing mortgages backed by the Department of Housing and Urban Development. (Tue, 29 Dec 2009 15:24:27 GMT)

Morgan Stanley sued over failed $1.2 billion CDO
Reuters - Morgan Stanley has been sued by a Virgin Islands pension fund that accused the Wall Street bank of defrauding investors by marketing $1.2 billion of risky mortgage-related notes that it expected to fail. (Tue, 29 Dec 2009 18:44:03 GMT)

5 Stocks Bucking the Downtrend
The Motley Fool - Even on the market's worst days, buyout news and other short-term forces can send individual stocks up by 10%, 25%, even 50%. (Tue, 29 Dec 2009 19:54:44 GMT)

Ill. to use mortgage database licensing system
AP - Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals. (Wed, 30 Dec 2009 15:26:24 GMT)

GMAC to get $3.5 billion more in government aid
Reuters - GMAC Financial Services is expected to get about $3.5 billion in additional U.S. government aid to help the troubled lender absorb mortgage losses, a financial industry source familiar with the matter said on Wednesday. (Wed, 30 Dec 2009 16:27:49 GMT)

AP Source: Gov't moves closer on fresh aid to GMAC
AP - The government on Wednesday was moving ahead with a fresh multibillion dollar cash infusion to stabilize auto finance company GMAC Financial Services as it continues to struggle with big losses in its home mortgage unit, according to a person with knowledge of the matter. (Wed, 30 Dec 2009 17:36:57 GMT)

Time line: The slow collapse of Fannie, Freddie
AP - Key events in the government's rescue of Fannie Mae and Freddie Mac: (Wed, 30 Dec 2009 21:38:14 GMT)

Govt gives GMAC $3.8B in new aid, boosts stake
AP - The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit. (Thu, 31 Dec 2009 00:17:16 GMT)

Fannie, Freddie proving too big to shrink
AP - The government's Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn for the worse and cause the economic recovery to unravel. (Thu, 31 Dec 2009 01:08:25 GMT)

US takes controlling stake in GMAC in third bailout
AFP - The US government threw troubled GMAC a third lifeline, of 3.8 billion dollars, and took a controlling stake in a bid to turn around the mortgage and auto lender. (Thu, 31 Dec 2009 03:02:38 GMT)

Memphis, Shelby Co. sue Wells Fargo for loans
AP - Memphis city and Shelby County officials have filed a federal civil lawsuit against Wells Fargo Bank alleging discriminatory mortgage lending practices. (Thu, 31 Dec 2009 14:43:04 GMT)

A bonus for New Year's: Champagne is cheaper
AP - Partygoers worldwide have at least one good reason to forget the economic pain, job fears and mortgage woes of 2009: unusually cheap Champagne for New Year's. (Thu, 31 Dec 2009 15:34:21 GMT)

Mortgage rates end the year above 5 percent
AP - Mortgage rates rose for the fourth straight week, ending the year above 5 percent. (Thu, 31 Dec 2009 15:37:33 GMT)

WaMu says tax refund may double, shares soar
Reuters - Washington Mutual Inc said it could receive an additional $2.6 billion in tax refunds due to a recently enacted law, sending shares of the bankrupt bank holding company soaring on Thursday. (Thu, 31 Dec 2009 20:30:56 GMT)

Mortgage interest rates rise, set to climb higher in 2010
The Christian Science Monitor - Mortgage interest rates crept up for the fourth week in a row Thursday, a troubling sign for borrowers hoping that home finance will remain near historic lows during the new year. (Thu, 31 Dec 2009 20:51:00 GMT)

Fed's balance sheet shrinks slightly
Reuters - The U.S. Federal Reserve's balance sheet shrank slightly in the latest week on a small dip in its holdings of agency mortgage-backed securities, Fed data released on Thursday showed. (Thu, 31 Dec 2009 21:41:38 GMT)