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LendingTree Loans Chief Economist Comments on Today’s Surprising Fed Cut

2:36 pm   -   January 22nd, 2008

LendingTree
Today the Federal Open Market Committee (FOMC) cut both the fed funds rate and discount rate by 75 basis points, or .75 percent. (more…)

Service Employees International Union Says No to Bank of America Countrywide Deal

4:58 pm   -   January 11th, 2008

The nation’s fastest-growing union, the Service Employees International Union, calls the combination of the United States’ largest mortgage lender with largest bank when both institutions are facing mounting losses and potentially destabilizing risks bad for consumers, bad for business, and bad for America. (more…)

Bank of America Agrees to Purchase Countrywide Financial Corporation

4:55 pm   -   January 11th, 2008

Bank of America Corporation has announced a definitive agreement to purchase Countrywide Financial Corp. in an all-stock transaction worth approximately $4 billion.

The purchase will make Bank of America the nation’s largest mortgage lender and loan servicer. This is an important advancement in the company’s desire to help customers and clients meet all of their financial needs. A mortgage is one of the key foundations of many customer relationships. (more…)

Triad Guaranty Applauds Passage of an Extended Mortgage Insurance Tax Deduction Bill

4:04 pm   -   December 19th, 2007

Triad Guaranty Inc. (NASDAQ:TGIC) is applauding the Congressional passage of new legislation that will allow low-and moderate-income homebuyers and homeowners to continue to deduct mortgage insurance premiums from their federal income tax returns. The new legislation, which President Bush is expected to sign, extends this deduction to loans closed in 2007 through 2010. The previous law was to expire at the end of 2007. (more…)

Mortgage Crisis Will Drive Consumers to Credit Counseling

4:21 pm   -   December 17th, 2007

The Association of Independent Consumer Credit Counseling Agencies says that the mortgage crisis will end up driving consumers to credit counseling. Whether it’s a “subprime crisis” news story or the “For Sale” signs lingering in front of local homes for months, there are reminders everywhere that the housing market is in trouble and that the worst may lay ahead, says the Association of Independent Consumer Credit Counseling Agencies (AICCCA). (more…)

Fixed and Adjustable Mortgage Rates Take Opposite Paths

7:25 am   -   August 23rd, 2007

Fixed mortgage rates declined, with the average conforming 30-year fixed mortgage rate falling to 6.58 percent. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.28 discount and origination points. (more…)

Bank of America Makes Investment in Countrywide Financial

7:24 am   -   August 23rd, 2007

Bank of America Corporation has made an investment in Countrywide Financial Corporation, the largest mortgage lender in the United States.

Bank of America will invest $2 billion in the form of a non-voting convertible preferred security yielding 7.25 percent annually. The security can be converted into common stock at $18 per share. (more…)

First Went Sub-prime, now Alt-A, What’s a Loan Officer to do?

10:28 pm   -   August 13th, 2007

This will work itself out. Performance on mortgages in Alt-A securities combined with their already higher yields will draw investors back but make no mistake, the process of determining what is in a security will be different for a time and investors are going to expect more, not less or even the same information about the credit criterion of the loans in this type security. (more…)

Aegis Mortgage Corporation Suspends Loan Originations

5:38 pm   -   August 6th, 2007

Aegis Mortgage Corporation said today that the company has suspended all loan originations, Mortgage News Review has learned. Apparently Aegis Mortgage Corporation is suffering problems because of the worsening housing and credit markets. (more…)

a la mode Now Offering Free Mortgage Websites

8:32 am   -   June 26th, 2007

a la mode, one of the most mission critical and influential technology companies in the real estate industry and maker of Mortgage XSites websites for loan officers and mortgage brokers, announced the release of free ‘Originator’ level Mortgage XSites at the National Association of Mortgage Brokers annual convention here. (more…)



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House prices grow at snail's pace
Johannesburg - Nominal year-on-year (y/y) house price growth declined to 3.8 percent in June this year, from a revised 4.7 percent in May, according to the latest Absa House Price Index released on Monday. The June growth rate was the lowest since
Nationwide Building Society cuts mortgage rates
Nationwide Building Society has reduced the price of its tracker and fixed-rate mortgage deals, it has emerged. The building society is set to cut the rates on its two-year fixed-rate mortgages on July 9th, while it is also set to launch a new two-year
House price growth lowest since Sept 1999
JOHANNESBURG - Nominal year-on-year (y/y) house price growth declined to 3.8 percent in June this year, from a revised 4.7 percent in May, according to the latest Absa House Price Index released on Monday. The June growth rate was the lowest since
House price growth lowest since September 1999
Nominal year-on-year (y/y) house price growth declined to 3,8 percent in June this year, from a revised 4,7 percent in May, according to the latest Absa House Price Index released today. The June growth rate was the lowest since September 1999, when it
AIB owns up to mortgage rate blunder
(BizWorld) AIB has admitted that a blunder led to some 500 holders of tracker mortgages not having their rates raised in line with ECB interest rate hikes. The rates for the mortgages were not adjusted upwards after ECB interest rate increases between
AIB admits tracker mortgage blunder
July RT.ie Business Highlights ECB chief Jean-Claude Trichet speaks to Emma McNamara after the bank's decision to raise euro zone interest rates. Joe Meade, Financial Services Ombudsman, outlines some 'outrageous' misconduct by financial institutions
Stress-free mortgage deals
Simplyzigzag.com has announced a partnership with Home Buyers? Advisory Service (HBAS) to offer its clients a stress-free way of finding the best mortgage deals whilst searching for a property. HBAS will have the exclusive rights to offer
Postcode lottery causing more woe
Thousands of home sellers are waiting up to 120% longer than a year ago for essential information relating to the purchase of their property, research reveals today. Continued inefficiency and anti-competitive behaviour at some local councils means that
BEA & Chong Hing jump on mortgage rates bandwagon - press
) said at the weekend it will raise its best mortgage rate for new home buyers by 25 basis points, effective today. BEA was the only major player in the local mortgage market that had held off raising its rates. For mortgages of HK$1 million or above,
Mortgage Rescission Could Be Class Action Nightmare for U.S. Banks
A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law. The
PMI Mortgage Insurance Sees Continuing RE Price Drops In Some Markets
(FinancialWire) PMI Mortgage Insurance Co., the primary U.S. subsidiary of The PMI Group, Inc. (NYSE: PMI) (Current Market Cap: US$120.19 Mil.) has released its Summer 2008 U.S. Market Risk Index, which ranks the nation's fifty largest metropolitan
G-8 meets at time of darkest outlook in at least 10 years / Credit crunch, oi...
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Nationwide reduces some mortgage rates
Nationwide Building Society annouced a reduction today to some of its fixed rate and tracker mortgage deals which will take effect from 9 July. The new rates put the cost of a two-year fix from 6.58% (with 599 fee) or 6.98% with no fee, while a
G-8 meets at time of darkest outlook in at least 10 years / Credit crunch, oi...
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