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Finance, Economy & Government Issues Archive


Bankrate: Mortgage Rates Nudge Higher

RISMEDIA, Nov. 9, 2007-Mortgage rates moved up this week, with the average conforming 30-year fixed mortgage rate now 6.34%. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. ...


Borrowers Predicting Mortgage Rates May be in for Unpleasant Surprises

RISMEDIA, Nov. 9, 2007-Each time the Federal Reserve (the Fed) cuts interest rates, borrowers converge upon their mortgage representatives expecting lower interest rates. Unfortunately, they find that mortgage rates often rise after the Fed cuts rates, and those who have held off on refinancing or locking rates thinking a Fed ...


Regional Spotlight: Illinois Law to Help Protect Against Foreclosures

RISMEDIA, Nov. 8, 2007-In the midst of the foreclosure crisis striking the nation, Illinois homeowners received some good news; Governor Rod Blagojevich has delivered a state law to help protect consumers from losing their homes. ...


Spin Off Ahead for Loan Web Site

RISMEDIA, Nov. 7, 2007-(MCT)-In a dramatic remaking of media mogul Barry Diller's Internet conglomerate, Charlotte-based LendingTree is set to become an independent company again. ...


NAMB Introduces Lending Integrity Seal of Approval

RISMEDIA, Nov. 7, 2007-The National Association of Mortgage Brokers (NAMB) introduced the Lending Integrity Seal of Approval. The seal is designed to help consumers identify individual mortgage brokers and loan officers who meet the industry's highest standards for knowledge, professionalism, ethics and integrity. ...


NUL Applauds Decision to Hault HUDs Effort

RISMEDIA, Nov. 7, 2007-The following statement was issued by the National Urban League (NUL) in response to a preliminary injunction by the Unites States District Court for the District of Columbia barring the U.S. Department of Housing and Urban Development (HUD) from enforcing the "Standards for Mortgagor's Investment in Mortgaged ...


Genesis Foundation & Home Downpayment Gift Foundation Prevail

Judge orders a halt to HUD's anti-homeownership rule ...


HUD Encourages California Landlords to Help Those Effected by the Fires

RISMEDIA, Nov. 5, 2007-As more families displaced by the wildfires in Southern California look for transitional housing, the U.S. Department of Housing and Urban Development is expanding its list of available rental housing and strongly encouraging multifamily property owners and landlords to include their unoccupied housing units in HUD's National ...


Chase Boosts Mortgage Originations 35% in Third Quarter

RISMEDIA, Nov. 2, 2007-Chase announced that it originated $39.2 billion in mortgages in the third quarter, ending Sept. 30 -- up 35% from a year earlier -- as it helps fill consumers' need for home loans. For the first nine months of 2007, Chase's originations are up 33.6% to $119 ...


Two Million Subprime Foreclosures Expected by 2009

By Robert Schroeder, MarketWatch ...


Report: Foreclosures Will Hurt Real Estate Values

RISMEDIA, Oct. 30, 2007-(MCT)-Homeowners and neighborhoods nationwide will lose more than $100 billion in real estate value and states will be out more than $917 million in property tax revenue by 2009 due to an escalation in foreclosures, a new congressional report has found. ...


Refinance Applications Rise 4% Last Week

By Amy Hoak, MarketWatch ...


NAMB Opposes Elimination of Yield Spread Premium

RISMEDIA, Oct. 26, 2007-The National Association of Mortgage Brokers (NAMB) expressed "grave concerns" over a proposal to eliminate the Yield Spread Premium (YSP) paid to mortgage brokers. In its current form, the Mortgage Reform and Anti-Predatory Lending Act of 2007 introduced to Congress October 22 by Rep. Bradley Miller (D-N.C.) ...


Bill Tightening Mortgage Rules Wins Support from Regulators

By Robert Schroeder ...


NAMB Calls National Registry Legislation a Victory for Consumers

RISMEDIA, Oct. 26, 2007-The National Association of Mortgage Brokers (NAMB) called language included in the Mortgage Reform and Anti-Predatory Lending Act of 2007 to create a national registry of loan originators a "tremendous victory" for consumers, noting it will drive bad actors from the mortgage industry. ...