| LandAmerica to Replace Documents at No Charge and Offer a Discount on ...
RICHMOND, Va., Nov. 2 /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG) , Fortune magazine's number one Most Admired Company in the mortgage services industry, announces that it will replace recorded mortgage documents, property tax information, recorded deeds, and tax assessor maps at no charge for homeowners who lost their homes in the recent fires in Southern California. "Among LandAmerica's Guiding Principles are Teamwork and Responsible Corporate Citizenship. We are grateful for the brave team of volunteers and firefighters who fought these horrific blazes, and we offer our help to property owners who are recovering from the fires' destruction," said Margaret Foster, LandAmerica's Executive Vice President for the West Region. LandAmerica is also offering California fire victims loan policies at 50 percent of its basic insurance rate to repair or replace property damaged by the fires.
Nehemiah Corporation of America Reaches $1 Billion Milestone in ...
SACRAMENTO, Calif., Jan. 24 /PRNewswire-USNewswire/ -- Nehemiah Corporation of America, the oldest and largest provider of private downpayment assistance in the United States, today announced that the non-profit has provided more than $1 billion in mortgage downpayment assistance through The Nehemiah Program(R). Initiated in 1997, The Nehemiah Program(R) has helped over 250,000 minority and low to moderate income families become homeowners to date. The Program reported substantial growth in 2007 as banks and mortgage lenders abandoned risky products once promoted to low and moderate income families and returned to the stability and affordability of mortgage products offered in conjunction with FHA loan insurance. The Nehemiah Program provides private downpayment assistance to homebuyers who qualify for FHA-insured mortgages but are not able to make the downpayment necessary to secure the mortgage.
Fannie and Freddie to the Rescue?
Hoping to speed delivery of its $150 billion pick-me-up for the U.S. economy, the Bush Administration reluctantly agreed to temporarily increase the size of the mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can purchase, from $417,000 to nearly double that. Proponents of the shift hope that Fannie and Freddie—which together own or guarantee about half of the $10 trillion in total home loans in the U.S.—can unfreeze the market for those "jumbo" loans and kick-start the housing market. But for a variety of reasons, Fannie and Freddie may not be in position to cure the subprime mortgage mess. Economists and analysts agree that boosting the mortgage limit will help inject the jumbo loan market, which is under significant strain, with much-needed financing. The additional business Fannie and Freddie will generate with that financing should eventually help bring down prices and increase the availability of such loans.
UK lenders steer away from 100% mortgages
Mortgage lenders are withdrawing from offering 100 per cent home loans over fears that such products will now attract a flood of high-risk borrowers. Those lenders still offering 100 per cent deals are now charging interest rates of 8 per cent or more. In recent months, 10 lenders have stopped offering to advance the full value of a property, reducing the availability of these mortgages by almost one third compared with a year ago. But while brokers blame concerns over liquidity and a weakening housing market, some lenders admit they do not want to bear the cost of processing – and rejecting – applications from bad credit risks. Some providers fear as competitors withdraw from the market, they will face a sharp increase in applications. Norwich and Peterborough has now reduced its maximum loan-to-value from 100 per cent to 90 per cent.
FHLB 11th Dist Cost-Of-Funds Index Dn To 4.172% In Nov
NEW YORK (Dow Jones)--The cost of funds in the 11th District, a gauge of thrift deposit and financing costs and a key benchmark for adjustable-rate mortgage securities, was down to 4.172% in November. The rate was 4.233% in October and 4.383% in September. The cost-of-funds index measures deposit and financing costs for thrifts in California, Nevada and Arizona. The data are reported by the Federal Home Loan Bank of San Francisco, which compiles the data on a monthly basis. (END) Dow Jones Newswires December 31, 2007 18:27 ET (23:27 GMT) Copyright 2007 Dow Jones & Company, Inc. .
Do homework for best loan
The right home loan could save you thousands Do your homework and work out what features you want Consider flexibility and charges THE perfect home loan could save you thousands of dollars, be used to create significant personal wealth, or have you owning your home sooner. But the first step in finding the perfect loan is preparation, according to industry experts. "The first thing is do your homework and decide what sort of loan is suitable for you because you're likely to have this loan for 25 or 30 years,'' Community CPS Australia chief executive Kevin Benger said. Some things to consider include whether you want a fixed or variable interest rate or a mixture of both, ensuring you are aware of all fees and charges associated with the loan, and whether you could make additional repayments.
Foreclosure.Com Partners with Indymac Bank to Help Lender Market and ...
BOCA RATON, Fla., Oct. 24 /PRNewswire/ -- Foreclosure.com today announced a partnership with Indymac Bank(R) - the seventh-largest savings and loan in the nation - to market and facilitate the sale of thousands of Real Estate Owned (REO) properties via the Internet, adding another major national lender to its growing stable of prominent data sources. Foreclosure.com maintains a nationwide database of more the 1.2 million listings that includes foreclosures, preforeclosures, bankruptcies, For Sale by Owner (FSBO) homes and tax liens in one convenient location. Leveraging the Internet and a massive audience, Foreclosure.com is the ideal conduit to connect qualified buyers with motivated sellers. "More than 80 percent buyers now start their home searches on the Internet," said Foreclosure.com Founder, President and CEO, Brad Geisen.
Bank emperor's biggest gamble
CHARLOTTE, N.C. - In a career defined by blockbuster deals, Bank of America chief executive Kenneth D. Lewis has taken his biggest gamble yet with an attempt to rescue the country's biggest mortgage lender, Countrywide Financial.
Lewis may have become a market savior by buying the troubled Countrywide for about $4 billion in stock, and keeping the industry and regulators from the messy task of cleaning up the bankruptcy of a company that is servicing 9 million U.S. home loans with a value of $1.5 trillion.
But Bank of America must first take on billions in mortgages at a time when the nation is facing an ever-widening credit crisis, foreclosures are on the rise and the odds of a recession seem to grow each day.
.
|
