Private Mortgage Insurance Blog

Todays financial tip: January 6 (Wausau Daily Herald)

Wed, 07 Jan 2009 00:11:33 +0000

With mortgage rates falling to record lows, Kevin Hermening, certified financial planner at Hermening Financial Group in Wausau said home owners should look into refinancing their home now.

Source:Todays financial tip: January 6 (Wausau Daily Herald)

Mortgage rates rock (Santa Fe New Mexican)

Wed, 07 Jan 2009 00:11:16 +0000

Santa Fe mortgage brokers and bankers are experiencing a rush of mortgage applications as borrowers react to lower rates by refinancing mortgages and, to a lesser degree, buying new homes.

Source:Mortgage rates rock (Santa Fe New Mexican)

Sontag to Head Merrill Brokerage After McCann Quits (Update1) (Bloomberg)

Wed, 07 Jan 2009 00:10:45 +0000

Jan. 6 (Bloomberg) — Bank of America Corp. named Daniel C. Sontag to head its newly acquired Merrill Lynch wealth-management division, putting a former broker in charge of the business for the first time in almost nine years.

Source:Sontag to Head Merrill Brokerage After McCann Quits (Update1) (Bloomberg)

Firms to pay $665G restitution in mortgage bias case (Newsday)

Wed, 07 Jan 2009 00:10:20 +0000

Two mortgage brokerages have agreed to pay $665,000 in restitution to settle allegations they charged about 455 black and Latino borrowers higher fees than white borrowers with comparable circumstances, the state attorney general said Monday.

Source:Firms to pay $665G restitution in mortgage bias case (Newsday)

Mortgage-backed Securities Jump, Signaling Rates To Drop (Fox News)

Wed, 07 Jan 2009 00:10:06 +0000

Mortgage-backed Securities Jump, Signaling Rates To Drop

Source:Mortgage-backed Securities Jump, Signaling Rates To Drop (Fox News)

Fed Begins Purchases Of Mortgage-Backed Securities (Nasdaq)

Wed, 07 Jan 2009 00:06:40 +0000

(RTTNews) - The Federal Reserve Bank of New York announced Monday that it has begun purchasing fixed-rate mortgage-backed securities guaranteed by government-sponsored enterprises. The details of the purchases will be made available on Thursday, January 8th.

Source:Fed Begins Purchases Of Mortgage-Backed Securities (Nasdaq)

Mortgage-Bond Spreads Fall Amid Speculation of More Fed Buying (Bloomberg)

Wed, 07 Jan 2009 00:03:16 +0000

Jan. 6 (Bloomberg) — Yields on Fannie Mae , Freddie Mac and Ginnie Mae mortgage securities tumbled to the lowest since October 2007 relative to government notes, after the Federal Reserve began a $500 billion program to buy the bonds.

Source:Mortgage-Bond Spreads Fall Amid Speculation of More Fed Buying (Bloomberg)

NEWS: Daily Debriefing (The Dartmouth)

Wed, 07 Jan 2009 00:00:03 +0000

Dartmouth Trustee Diana Taylor ‘77, chairwoman of the Federal Deposit Insurance Corporation’s Advisory Committee on Economic Inclusion, was named as one of nine new directors of the troubled mortgage giant Fannie Mae, according to a Dec. 24 release. Taylor, managing director at the strategic consulting and investment firm Wolfensohn and Company, previously served as New York State Superintendent …

Source:NEWS: Daily Debriefing (The Dartmouth)

Are BPO's Illegal? Pro-Teck Services Director Investigates (PR Newswire via Yahoo! Finance)

Tue, 06 Jan 2009 18:09:05 +0000

In WV, MS - Yes! Compounding that issue is the nebulous definitions many states use for a Broker Price Opinion or even an “Opinion of Value”. In many instances, when a Broker offers any opinion of value or data leading to a value outside actual brokerage activities, they are breaking the rules.

Source:Are BPO's Illegal? Pro-Teck Services Director Investigates (PR Newswire via Yahoo! Finance)

Mortgage Spirit Provides Revenue Management and Loan Search and Pricing Technology to Mortgage Industry (Business Wire via Yahoo! Finance)

Tue, 06 Jan 2009 18:05:47 +0000

DENVER—-Mortgage Spirit, a Denver-based loan search and pricing revenue management engine for the mortgage industry, was launched to improve the loan origination process by protecting and maximizing loan officers’ profits on every closed-loan transaction.

Source:Mortgage Spirit Provides Revenue Management and Loan Search and Pricing Technology to Mortgage Industry (Business Wire via Yahoo! Finance)

Mortgage rationing gets tougher (BBC News)

Tue, 06 Jan 2009 18:04:52 +0000

Mortgage lenders are continuing to demand larger deposits as they ration home loans to their customers.

Source:Mortgage rationing gets tougher (BBC News)

Report: Ga. mortgage rates among lowest (BizJournals)

Tue, 06 Jan 2009 18:04:43 +0000

Georgia had the second-lowest 30-year fixed mortgage rates last week, according to real estate Web site Zillow.com

Source:Report: Ga. mortgage rates among lowest (BizJournals)

FDIC to Sell IndyMac for Nearly $14B (Financial Planning.com)

Tue, 06 Jan 2009 18:04:34 +0000

After more than a week of speculation, the Federal Deposit Insurance Corp. announced a $13.9 billion deal Friday to sell failed IndyMac Federal Bank to a private equity consortium led by the head of Dune Capital Management.

Source:FDIC to Sell IndyMac for Nearly $14B (Financial Planning.com)

Marriage of convenience (International Herald Tribune)

Tue, 06 Jan 2009 18:03:54 +0000

After three often rocky decades, the U.S. and China seem to have settled into a “mature marriage,” bound by mutual respect, mutual interests, and an awareness of the negative consequences of an adversarial relationship.

Source:Marriage of convenience (International Herald Tribune)

Colonial sells FCC, SFL stakes to creditor Calyon (The Forex Market)

Tue, 06 Jan 2009 18:00:21 +0000

Source:Colonial sells FCC, SFL stakes to creditor Calyon (The Forex Market)

Hynix raises $249 mln in new shares under aid plan (Reuters via Yahoo! Singapore News)

Tue, 06 Jan 2009 18:00:02 +0000

Source:Hynix raises $249 mln in new shares under aid plan (Reuters via Yahoo! Singapore News)

Mortgage Foreclosures Continue To Rise In State (WMUR New Hampshire)

Tue, 06 Jan 2009 12:13:10 +0000

CONCORD, N.H. — The number of home mortgage foreclosures has been climbing for several years in New Hampshire, with the last few years showing a dramatic spike.

Source:Mortgage Foreclosures Continue To Rise In State (WMUR New Hampshire)

As Interest Rates Drop, Interest in Refinancing Jumps (WFMY News 2 Greensboro)

Tue, 06 Jan 2009 12:12:51 +0000

Mortgage consultants say a growing number of people want to take advantage of lower interest rates.

Source:As Interest Rates Drop, Interest in Refinancing Jumps (WFMY News 2 Greensboro)

Same news, different year (News 24 South Africa)

Tue, 06 Jan 2009 12:12:05 +0000

As predicted, David Moseley smelled something distinctly familiar about the news when 2009 kicked off last week.

Source:Same news, different year (News 24 South Africa)

Cuomo: Firms settle mortgage discrimination charges (Newsday)

Tue, 06 Jan 2009 12:11:53 +0000

Source:Cuomo: Firms settle mortgage discrimination charges (Newsday)

IntercontinentalExchange Cut To Neutral By Goldman (Fox News)

Tue, 06 Jan 2009 12:11:34 +0000

IntercontinentalExchange Cut To Neutral By Goldman

Source:IntercontinentalExchange Cut To Neutral By Goldman (Fox News)

Mortgage Help Scam Now Costing Couple Their Home (WCCO Minneapolis - St. Paul)

Tue, 06 Jan 2009 12:11:25 +0000

When Minnesota families sit down to balance their budget, many are finding money to pay for their home just isn’t there. That’s why foreclosure consulting companies across the country are reaching out to help homeowners. But that help is sometimes costing folks their homes.

Source:Mortgage Help Scam Now Costing Couple Their Home (WCCO Minneapolis - St. Paul)

Mortgage foreclosures continue to rise in NH (Boston Globe)

Tue, 06 Jan 2009 12:10:54 +0000

The number of home mortgage foreclosures has been climbing for several years in New Hampshire, with the last few years showing a dramatic spike.

Source:Mortgage foreclosures continue to rise in NH (Boston Globe)

New York Fed Begins Purchases of Agency Mortgage Debt (Update3) (Bloomberg)

Tue, 06 Jan 2009 12:10:37 +0000

Jan. 5 (Bloomberg) — The Federal Reserve Bank of New York started buying mortgage-backed securities today as part of a $500 billion program to support the U.S. housing market.

Source:New York Fed Begins Purchases of Agency Mortgage Debt (Update3) (Bloomberg)

Local Business Report Hard-to-insure crop coverage is available (Daily Journal)

Tue, 06 Jan 2009 12:04:07 +0000

VINELAND –Angela J. Andreoli, county executive director of USDA’s Farm Service Agency, recently reminded producers in need of insurance coveragefor crops not covered by federal crop insurance that theycanenroll inFSA’sNoninsured Crop Assistance Program.

Source:Local Business Report Hard-to-insure crop coverage is available (Daily Journal)

Bachelet to Spark Growth in Chile With Spending, Budget Deficit (Bloomberg)

Tue, 06 Jan 2009 12:03:46 +0000

Jan. 6 (Bloomberg) — Chile’s President Michelle Bachelet last night said she will increase spending by $4 billion and run the first deficit in six years in a bid to create jobs and stimulate growth as the economy falters.

Source:Bachelet to Spark Growth in Chile With Spending, Budget Deficit (Bloomberg)

(AFX UK Focus) 2009-01-05 18:30 Colonial sells FCC, SFL stakes to creditor Calyon (Interactive Investor)

Tue, 06 Jan 2009 12:03:20 +0000

MADRID, Jan 5 (Reuters) - Spanish property firm Colonial has cut its debt by 273 million euros ($380 million) by selling stakes in Spain’s FCC and France’s Societe Fonciere Lyonnaise (SFL) to French creditor Calyon. Colonial granted creditors call options on its 15 percent stake in FCC and 33 percent stake in SFL in late November as part of efforts to cut back a debt mountain that stood at …

Source:(AFX UK Focus) 2009-01-05 18:30 Colonial sells FCC, SFL stakes to creditor Calyon (Interactive Investor)

(AFX UK Focus) 2009-01-06 06:42 Hynix raises $249 mln in new shares under aid plan (Interactive Investor)

Tue, 06 Jan 2009 12:00:02 +0000

SEOUL, Jan 6 (Reuters) - Hynix Semiconductor Inc is set to raise 324 billion won ($248.5 million) in a new share issue this month under a creditor-led support package, a company official said on Tuesday. The planned new stocks were priced at 5,400 won per share, representing a 27 percent discount from Tuesday’s closing price of 7,390 won, said James Kim, vice president in charge of investor …

Source:(AFX UK Focus) 2009-01-06 06:42 Hynix raises $249 mln in new shares under aid plan (Interactive Investor)

New President Takes Helm Of CPS Board (WLWT-TV Cincinnati)

Tue, 06 Jan 2009 06:04:35 +0000

There’s a changing of the guards on the Cincinnati Public Schools Board.

Source:New President Takes Helm Of CPS Board (WLWT-TV Cincinnati)

Fed Focuses on Consumer, Corporate Rate Spreads Over Treasuries (Bloomberg)

Tue, 06 Jan 2009 06:04:00 +0000

Jan. 6 (Bloomberg) — Federal Reserve officials are focused on driving down the spreads between U.S. Treasury yields and consumer and corporate loans, after cutting the main interest rate to almost zero failed to revive lending.

Source:Fed Focuses on Consumer, Corporate Rate Spreads Over Treasuries (Bloomberg)