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Banks encouraged to issue mortgage bonds

The Agency for Housing Mortgage Lending is ready to provide RUB 500bn (approx. USD 18.55bn) worth of guarantees for mortgage bonds issued by banks, the agency's head Alexander Semenyaka said today. The market's main potential currently hinges on mortgage bonds, provided these are duly backed by the agency, according to Semenyaka. The agency will take up risks associated with mortgage bonds, while the banks issuing such bonds will be entitled to the Central Bank's financial help. Semenyaka noted that the competitive environment on the mortgage lending market was expected to return to normal in the second half of 2009, suggesting that the amount of mortgage credit would go up.

"Government Response to Home Mortgage Distress: Lessons from the Great Depression"

The Great Depression was the worst macroeconomic collapse in U.S. history. Sharp declines in household income and real estate values resulted in soaring mortgage delinquency rates. According to one estimate, as of January 1, 1934, fully one-half of U.S. home mortgages were delinquent and, on average, some 1000 home loans were foreclosed every business day. This paper documents the increase in residential mortgage distress during the Depression, and discusses actions taken by state governments and the federal government to reduce mortgage foreclosures and restore the functioning of the mortgage market. Many states imposed moratoria on both farm and nonfarm residential mortgage foreclosures. Although moratoria reduced farm foreclosure rates in the short run, they appear to have also reduced the supply of loans and made credit more expensive

WL Ross & Co. LLC and American Home Mortgage Servicing, Inc. Announce Support of the Streamlined Mortgage Modification Plan

WL Ross & Co. LLC and American Home Mortgage Servicing, Inc. Announce Support of the Streamlined Mortgage Modification Plan

WL Ross & Co. LLC and American Home Mortgage Servicing, Inc. Announce Support of the Streamlined Mortgage Modification Plan

WL Ross & Co. LLC and American Home Mortgage Servicing, Inc. Announce Support of the Streamlined Mortgage Modification Plan

Banks reduce maximum mortgage financing

Israel's banks have tightened their mortgage policies in recent months. In addition to raising their mortgage interest rates, they have also reduced the maximum funding they will extend to borrowers, even safe borrowers. Some banks have also stopped working with Ezer Mortgage Insurance Company Ltd (EMI), and will not provide borrowers with financing amounting to 90-95% of a home's value.

Mortgage rates drop below 6 percent

The Federal Reserve announced Tuesday that it will buy up to $500 billion worth of mortgage-backed securities over roughly the next year-and-a-half. The Fed's shopping spree won't begin until next month, but the mere announcement of it was enough to send mortgage rates below 6 percent.

Russia mortgage agency to ease banks' access to funds

MOSCOW, Nov 11 (Reuters) - Russia's mortgage agency, AIZhK, on Tuesday unveiled plans to increase the amount of collateral cash-strapped commercial banks can use for central bank funding, including guarantees for their mortgage-backed securities.

Mortgage application update on your mobile phone

Lloyds TSB has introduced a free mobile phone text service which provides customers with updates on their mortgage application process. Customers applying for a mortgage through Lloyds TSB will receive text alerts such as:-

Don't use plastic to pay down mortgage

I have a mortgage of $213,000 on a home valued at $276,000. My credit score is 713. I'm wondering if I would be better off to max out all my credit cards -- the combined limit total is approximately $70,000 -- and pay down my mortgage? Can you advise?

Barclays acquires Italian mortgage business of Macquarie

Barclays Bank has completed the purchase of the Italian residential mortgage business of Macquarie Bank. The business includes a mortgage portfolio with a total outstanding balance of approximately E1.1 billion.

What does my offset mortgage do if my bank goes bust?

Q I have an offset mortgage with the Woolwich for £188,000. It is currently offset by £145,000 of savings, and the interest rate is 4.98%. I am concerned I could risk losing all but £50,000 of my money if Barclays/Woolwich get into difficulties. I am a higher-rate tax payer so transferring it into a saving account with another bank is not that attractive. A safe alternative would be to pay off the mortgage, but I would rather not do that.

Law on home mortgage financing passed

Accra, Nov. 13, GNA - Parliament on Thursday passed a bill that would provide a uniform system of home mortgage financing into law. The Home Finance Mortgage bill would regulate the activities of financial institutions, which provide financial assistance related to the acquisition of residential property.

Two Canadian banks drop mortgage rate

TORONTO -- Two of Canada's big banks are cutting mortgage rates on a variety of terms, reflecting a drop in borrowing costs in the bond market, where banks finance their mortgage lending.

Royal, Bank of Montreal cut mortgage rates

TORONTO - Two of Canada's big banks are cutting mortgage rates on a variety of terms, reflecting a drop in borrowing costs in the bond market, where banks finance their mortgage lending.

Do math before merging HELOC, mortgage

My husband and I are considering refinancing our 30-year mortgage. We also have a 10-year-fixed home equity line of credit. If we decide to refinance, can I combine our 30-year mortgage and our HELOC into one loan?

Bank PHB seeks FMB reorganisation

As Mortgages PHB, a subsidiary of Bank PHB was launched over the weekend with a promise to bring a new lease of life to Nigeria’s fast growing mortgage banking industry, its Group Managing Director Mr. Ignatus G. Igbaka has called on the Federal Government to re-organise the Federal Mortgage Bank, since banks are in the best position to financial mortgage institution.

Mortgage arrears rise at HBOS

Mortgage arrears and defaults on unsecured lending at HBOS have risen, with arrears mortgages now representing 1.55 per cent of the total.

Mortgage hope as Bank of England cuts interest rates

Hopes of a fall in mortgage rates are growing following today's surprise 1.5 per cent interest rate cut – but home buyers are being urged to wait for any cuts in the cost of borrowing on the high street.

Mortgage rates plunge this week

The roller-coaster ride continues with mortgage rates. This week, they climbed to the highest level in three months, matching the highest level of the year.

Mortgage rates chopped by 2 Canadian banks

Two Canadian banks did their bit to unclog the country's constricted housing market Wednesday by cutting mortgage rates.

Jumbo mortgage deadline looms

Some mortgage borrowers are about to get squeezed by the shrinking of something called the jumbo conforming limit.

Fraudulent mortgage broker banned

A mortgage broker who tried to defraud insurance firms of more than £250,000 has been banned by the Financial Services Authority (FSA).

Quarterly Mortgage Banking Profits Mirage Caused by Consolidation

On the surface, mortgage banking operations posted a surprising improvement during the third quarter of 2008 that generated substantial gain in profitability. But the aggregate results reported by 19 major lenders in their third quarter earnings reports are significantly skewed by consolidation activity and... [Includes one chart]

US mortgage giant Fannie Mae posts $29 bln loss

Fannie Mae, the US mortgage finance giant bailed out by the government, reported Monday a third-quarter loss of 28.99 billion dollars due to the slump in the real estate sector. Skip related content

October mortgage lending picks up

However, last month's lending was still 44% lower than in October last year, just before the credit crunch triggered the current mortgage drought.

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