The News Review:
- Plan ahead before visiting mortgage lender
- Week-to-week mortgage applications up 16.8%
- Could Hedge Funds Be Emerging As The New Mortgage Middleman?
- Hedge fund, private-equity firm to get help with mortgage investments
- SF Fed chief wants more done on housing
Plan ahead before visiting mortgage lender
The Newark Advocate, OH
So you should refinance if you plan to stay in the house for at least 33 months. Remember: Your home is the largest single investment you probably will ever make. Use a professional mortgage banker to help avoid some of the common mistakes when you shop for a first mortgage, a second mortgage or you are refinancing. Brett Richards is with The Huntington Mortgage Group and is a member of the Licking County Board of Realtors. Call Richards at (740) 587-7830 or e-mail. Richards@Huntington.
Week-to-week mortgage applications up 16.8%
MarketWatch
30, 2008
A previous version of this story had an incorrect headline that said mortgage applications declined. The story has been corrected. CHICAGO (MarketWatch) — Mortgage applications filed last week rose a seasonally adjusted 16. 8%, due mainly to an increase in refinancing activity, the Mortgage Bankers Association said Wednesday. Application volume was still down 30% on an unadjusted basis for the week ended Oct. 24, compared with the same week in 2007, data compiled by the Washington-based MBA showed. The MBA’s weekly survey covers about one half of all U.
Could Hedge Funds Be Emerging As The New Mortgage Middleman?
StreetInsider.com (subscription), MI
Obviously, Citadel does not want to have to deal with 50,000 borrowers so now it has to go seek out mortgage companies and mortgage brokers to see if they can help refinance the loans in its portfolio. The above scenario has been an ongoing process for the past few months. Several funds and mortgage companies are working together to refinance these loans. In fact, just yesterday, Dan Gilbert’s Quicken Loans announced a deal to help Fortress Investment Group (NYSE:. Utilizing Quicken Loans to work on these loans is smart for Fortress because Quicken is one of the few companies who have the ability to close all types of loans across the entire United States. Back in May, Fortress started two mortgage opportunity funds with $660 million in assets.
Hedge fund, private-equity firm to get help with mortgage investments
MarketWatch
30, 2008
SAN FRANCISCO (MarketWatch) – Fortress Investment Group unveiled a joint venture with Quicken Loans Inc. that will help the firm with its mortgage portfolios and investments. Quicken, the largest Internet-based retail mortgage lender, will help refinance and modify the home loans Fortress owns. Quicken has up to 2,600 staff available to help borrowers throughout the U. refinance into new mortgages, including loans offered by the Federal Housing Administration, Fortress (.
Related from Indian funds investing globally lose shine
SF Fed chief wants more done on housing
San Francisco Chronicle, USA
The $40 billion to $50 billion cost of that initiative would come from the bailout package. Another way to avoid “the deadweight losses and negative community spillovers of foreclosures” would be a program modeled on the Depression-era Homeowners’ Loan Corp. , in which the government would buy underwater mortgages – now estimated to be 15 percent of total mortgages – and refinance them at a lower rates, Yellen said. Another approach to helping the housing market would be to boost home buying by making new mortgages cheaper through low-cost government loans or tax credits, Yellen said. While home prices do need to adjust, the worry is that they may overcorrect, which “could have devastating effects,” she said. Yellen and other speakers warned that foreclosures have already spread beyond subprime loans for borrowers with poor credit to alt-A loans (to borrowers with better but not ideal credit profiles), and even to prime adjustable-rate mortgages. A rise in foreclosures on 2007 mortgages is particularly sobering because most were made with tighter underwriting standards, she said.