Mortgage and Refinance News

The News Review:

- McCain Shifts on Aid to Some Mortgage Holders
- Housing Aid Advancing in Congress
- Homeowners Join Officials at Forum On Foreclosures
- Tower Mortgage Plus fund seeks buyers
- Bright Spots; The Next Generation; Answering Your Questions; Quick…
- … Low Rates: February prepayment report to show mortgage marke…
- During wave of foreclosures, a resident waits for a lifeline

McCain Shifts on Aid to Some Mortgage Holders
New York Times – Apr 11, 2008
“Let me make it clear,” Mr. McCain said, “that in these challenging times, I am committed to using all the resources of this government and great nation to create opportunity and make sure that every deserving American has a good job and can achieve their American dream. ”The mortgage plan that Mr. McCain unveiled — which his advisers said was designed for needy homeowners, and not financial institutions — would apply to people who were falling behind on payments on their primary residences who could show that they would be able to meet the terms of a new, 30-year fixed-rate mortgage. McCain also called for the Department of Justice to investigate the industry. In his remarks, Mr.

Housing Aid Advancing in Congress
New York Times – Apr 11, 2008
Representative Barney Frank, Democrat of Massachusetts and the chairman of the Financial Services Committee, has put forward a more expansive plan that he has said could help as many as 1. 5 million troubled borrowers. Both the plan supported by Democrats and the administration’s plan seek to stabilize the battered housing market by allowing a homeowner, who may now owe more than his home is worth, to get out of an expensive adjustable-rate mortgage and refinance into a more stable and affordable 30-year loan backed by the federal government.

Homeowners Join Officials at Forum On Foreclosures
Washington Post – Apr 11, 2008
Fourteen of those actions occurred between November 2007 and last month. Earl Day is one of the Perrywood homeowners threatened with the loss of his home. Speaking to the crowd, he said he bought his house with his wife eight years ago and never missed a mortgage payment until they refinanced their mortgage, tapping their equity to pay down credit-card debt. The monthly payment almost doubled after the refinance and the couple fell behind. “When I’ve gone for help, they’ve asked, how’s my credit. Well, how do you think my credit is?” said a frustrated Day. The forum drew Gov.

Tower Mortgage Plus fund seeks buyers
National Business Review – Apr 11, 2008
The ideal outcome would be for Tower to sell its performing mortgages and chairman Sam Stubbs said he was negotiating with a major trading bank mid-week. But the big question hangs over how long it will take for many borrowers to repay their mortgages so that investors can in turn be repaid. And if borrowers are unable to refinance, this will trigger a wave of mortgagee sales. It was perhaps fortunate for Tower that its announcement came in a week dominated by the free trade deal with China that deflected attention from the wind up… The ideal outcome would be for Tower to sell its performing mortgages and chairman Sam Stubbs said he was negotiating with a major trading bank mid-week. But the big question hangs over how long it will take for many borrowers to repay their mortgages so that investors can in turn be repaid. And if borrowers are unable to refinance, this will trigger a wave of mortgagee sales. It was perhaps fortunate for Tower that its announcement came in a week dominated by the free trade deal with China that deflected attention from the wind up.
Related: Mezzanine Management Central Europe raises 261 million euros for…

Bright Spots; The Next Generation; Answering Your Questions; Quick…
CNN International – Apr 11, 2008
(BEGIN VIDEOTAPE) DEBORAH FEYERICK, CNN CORRESPONDENT (voice over): Arlevia Taylor was on the verge of losing her home. She’s a senior citizen on a fixed income. She thought she refinanced her mortgage at a permanent low fixed rate, only to learn two years later her rate had jumped from 6. ARLEVIA TAYLOR, SR. CITIZEN HOMEOWNER: When I found out that I had an adjustable rate, I cried for days.

… Low Rates: February prepayment report to show mortgage marke…
Free with registration – Asset Securitization Report – AccessMyLibrary.com – Apr 11, 2008
Refinancing activity, according to analysts, was hindered by the short selloff in the middle of December as well as homeowners postponing the application process until after the holiday season. “This print should be favorable.
Related: G7 told capital, risk management, agile central banks key credit…

During wave of foreclosures, a resident waits for a lifeline
Yale Daily News – Apr 11, 2008
This, Christine said, is exactly what happened to her. After losing her job in New York in 2005, the year after purchasing her new house, Christine struggled to find steady employment in New Haven but could not secure a stable job, even with her college education. While living off her husband?s modest salary and the income from renting out two units of their house, Christine chose to refinance her mortgage although she still had not yet found a job. Although the refinance initially took pressure of her family?s financial situation, Christine said that once the interest rate readjusted again, ?things got a little haywire. ? She was forced to use up all of her life savings and found herself deeper in debt than ever before. As her interest rates climbed higher and higher, she could not keep up with the payments, even when she finally found permanent employment at a local children?s center. ?For the most part, we are average people trying to survive and keep a roof over our heads,? Christine said.

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