The News Review:
- job losses fueling foreclosures
- Google To Host Financial Services Summit Nov. 19
- What the new president will do to keep people in homes and improve …
- Arbor Commercial Funding closes on $2m refinance loan for Heritage …
- Mortgage Applications Down 43.4% Year on Year
- Rams Home Loans drops mortgage rate
job losses fueling foreclosures
CNNMoney.com
Seabrooks bought a $165,000 home in March 2006 and financed it with a hybrid adjustable-rate mortgage, which recently reset to 8. "I thought I’d be doing well," she said, "I took the low rate, intending to refinance within two years. "Seabrooks has a new job, but it pays only $38,000 a year. That is not nearly enough to afford her $1,400 monthly mortgage bill, much less make up the five months of missed payments and fees that now total about $11,000. She’s seeking a loan modification with the help of counselors from the National Community Reinvestment Coalition. Ironically, her new job involves handling applications from people seeking to refinance their own unaffordable mortgages into FHA-insured loans.
Google To Host Financial Services Summit Nov. 19
InformationWeek, NY
The event invitation, titled “rebalance,” explains that attendees will hear how their peers are “navigating through these transformations, and discover ways to utilize emerging media to efficiently engage users in new and innovative ways. The financial bubble that recently popped was kind to Google, with mortgage companies paying well to run ads against inflated search keywords like “mortgage” and “refinance. As Google explains on its U. Web site, the company helped subprime lenders prosper. “A clear example of the success that a well-managed AdWords campaign can bring is evident in the case of the agency’s relationship with the Mortgage Depot, an Irish mortgage company focused on the subprime mortgage-lending market,” Google.
Related from Investingmonster: Web 2.0 Summit: Investing in the future
What the new president will do to keep people in homes and improve …
MarketWatch
“No one approach is going to help everybody,” Tatian said. Federal and mortgage industry efforts are already underway, with various degrees of success, and will continue to evolve before Obama takes office. Currently on the books is a Hope for Homeowners program, which went into effect last month and allows eligible homeowners struggling with their mortgage payments to refinance into an affordable loan insured by the Federal Housing Administration. Industry efforts include the recent announcement from J. Morgan Chase that it would enhance its mortgage-modification program to help 400,000 additional families stay in their homes over the next two years. The company isn’t putting any additional loans into the foreclosure process until the enhancements are complete — now less than 90 days away.
Arbor Commercial Funding closes on $2m refinance loan for Heritage …
New England Real Estate Journal Online, MA
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6. The loan was originated by John Edwards, vice president, in Arbor’s full-service Boston, Mass. lending office and the key principal was August Lenhart.
Mortgage Applications Down 43.4% Year on Year
HNN Huntingtonnews.net, USA
4 percent, while this average is down 4. 9 percent for the Refinance Index. The refinance share of mortgage activity decreased to 42. 9 percent of total applications from 46. 9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.
Rams Home Loans drops mortgage rate
The Age, Australia
74 per cent at NAB and St George Bank, and 8. 32 per cent at ANZ Banking Group. Home lender Rams sold its brand-name and distribution business to Westpac earlier this year because it was unable to refinance its loans. © 2008
AAP
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