Mortgage and Financial News From 2007-12-25 Page 9
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What lies ahead for economy?
Cincinnati Enquirer - That would make it easier for these homeowners to refinance to more affordable loans. But estimates are that only about 250,000 people will end up getting a rate freeze - a fraction of the 3.5 million home loans that could go into default over the ...
2007-12-25 02:29:00 -
First borrower gets loan aid
Boston Globe - A state effort to refinance subprime borrowers before they fall behind on mortgage payments has helped its first borrower. The Home Saver program also has relaxed its eligibility requirements, said Kofi Jones, a spokeswoman for the Massachusetts ...
2007-12-24 09:57:00 -
Track Santa's Journey on the Internet
WXIA 11 Alive - There's a new tradition for many each Christmas Eve in this information age: gathering 'round the computer and tracking Santa's delivery progress on the Internet. The person who had the most memorable line in the movie "It's a Wonderful Life" looks ...
2007-12-24 11:13:00 -
New Yorkers to receive settlements in predatory lending case
WSTM - ... restitution as a result of a $325 million settlement with Ameriquest Mortgage Co ... practices that Ameriquest may have used to encourage homeowners to refinance ... Eligibility was based on specific, objective information and data contained in the ...
2007-12-24 12:10:00 -
13,000 New Yorkers share in Ameriquest restitution
Rochester Democrat and Chronicle - ... are divvying up more than $18 million in restitution paid by Ameriquest Mortgage ... used predatory lending practices as it encouraged homeowners to refinance their ... have been mailed to those eligible for restitution based on specific information and ...
2007-12-24 10:44:00 -
Lenders gambled on near-broke borrowers
Hampton Roads Daily Press - That is a great idea until either: 1) Housing prices start falling instead of rising, or 2) Interest rates go up, or 3) The excesses in the mortgage industry get to be so great that regulators finally start sniffing around (followed by the press), or ...
2007-12-25 01:10:00 -
Bank protesters say predatory loans threatening to make them homeless
New York Daily News - Munoz said she was initially given low interest rates when her mortgage broker lied on her loan application - stating her monthly income as $14,000 - without her knowledge. She doesn't earn anything close to that as a dental assistant. "I'm on a ...
2007-12-24 11:44:00 -
US trying to deal with mortgage crisis
Turkish Daily News - A deal with the mortgage industry will freeze the low introductory "teaser" rates for five years on some subprime mortgages - loans to people with spotty credit histories. The rates were to climb much higher, making the mortgages unaffordable for ...
2007-12-25 01:03:00 -
Key Expects Record # of 4Q Charges
Stockhouse Canada - On the plus side, lower prices and low mortgage interest rates are reviving housing affordability, Mr. Seiders said during an annual year-end housing forecast call. Mr. Seiders, acknowledging that the housing downturn has been more severe than he ...
2007-12-24 11:15:00 -
The beginnings of a meltdown: Traders saw a cash cow in mortgage ...
Seattle Post Intelligencer - The trouble was that most creditworthy borrowers had already refinanced their houses at 2003's record-low mortgage rates. To meet demand for mortgage-backed securities, Wall Street had to find a new source of loans. Those still available mainly ...
2007-12-22 03:54:00 -
Next item to go up: Food bill
Tacoma News Tribune - DALLAS – For cash-strapped consumers already beset by higher gasoline prices and escalating mortgage rates, the hits just keep on coming. This time, it’s food. The sharp rise in food prices seen in 2007 is expected to be followed by another ...
2007-12-25 01:03:00 -
Mortgage rates show slight increase
Webindia 123 - Mortgage rates moved up slightly this week as the U.S. housing market continues to show weakness, the Freddie Mac mortgage market survey said Thursday. The report showed the 30-year fixed-rate mortgage averaging 6.14 percent with an average 0.4 point ...
2007-12-24 11:44:00 -
35 move to file separate suits in loan fraud
Reading Eagle - Berks County, PA - The largest lawsuit in the collapse of Personal Financial Management Inc. is taking a new twist: Thirty-five mortgage borrowers have left the federal class-action case to file their own suits. The move is expected to spark more ...
2007-12-24 08:52:00 -
Lisa Madigan sues 3 more ‘mortgage rescue’ companies
Rockford Register-Star - Illinois Attorney General Lisa Madigan announced Friday her office is suing three companies for violating the Illinois Mortgage Rescue Fraud Act and the Consumer Fraud and Deceptive Business Practices Act. The Mortgage Rescue Fraud Act became a law ...
2007-12-24 08:28:00 -
Chaska man charged in supplying booze for minors
Minneapolis Star Tribune - A 53-year-old Chaska man has been charged with various offenses after buying alcohol for minors and allowing them to ... A second time around on mortgage fraud charges A school where autistic kids aren't alone Mouse uproar rattles workers at Hennepin ...
2007-12-23 03:53:00