Mortgage Lending September 30, 2007

→   Mortgage Applications Decrease In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 21, 2007. -- MBA,John Mechem,Washington DC  09/28/2007



→   Sallie Mae Knows Her Merger Is Toast (SLM, JPM, BAC)
Sallie Mae, has announced that it has been informed by a representative of the buyer group led by J. C. Flowers, Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) that the buyer group does not expect to consummate the acquisition of Sallie Mae under the terms of the merger agreement -- 24/7 Wall St.,,   09/28/2007



→   Robbins Praises House Ways and Means Approval of Deductibility for Mortgage Insurance and Forgiven Debt
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded today`s approval by the House Ways and Means Committee of legislation to extend the deductibility for mortgage insurance premiums for seven more years and to exclude discharges of debt on primary residences from gross income. H.R. 3648 passed the committee by voice vote. -- MBA,John Mechem,Washington DC  09/28/2007



→   MBA Releases 2nd Quarter 2007 Commercial Real Estate/
Multifamily Finance Quarterly Data Book -- MBA,Jason Vasquez,Washington DC  09/28/2007



→   Robbins Statement Commending Passage of Flood Insurance Bill
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) today praised the U.S. House of Representatives for passing H.R. 3121, the Flood Insurance Reform and Modernization Act of 2007. -- MBA,John Mechem,Washington DC  09/28/2007



→   Bond Yields Close with Little Change
MBS and Treasury prices opened higher on Tuesday, with yields lower. Prices softened throughout the day, though, returning very near where they left off the day before. By the end of trading, the 10-year Treasury yield was back up to 4.61%. -- MortgageMag.com,Rob Hain,San Antonio Texas  09/25/2007



→   Consumer Confidence Slumps, Home Sales Decline
Consumer confidence slumped to the lowest level in almost two years and home sales weakened, threatening U.S. household spending and bolstering the case for the Federal Reserve to keep cutting interest rates. -- Bloomberg,Shobhana Chandra and Bob Willis,New York NY  09/25/2007



→   Treasuries Post Slim Gains
Treasury prices finished mostly higher Monday, shaking off an early decline and benefiting from a downturn in the stock market. -- Forbes (AP),Leslie Wines,New York NY  09/25/2007



→   Intellidyn Helps Lenders Intelligently Recycle and Harvest Aggregator Leads that Have Yet to Fund
Re-screening aggregator leads for credit quality, recent move/refinance, available equity and other proprietary criteria renews leads for re-solicitation -- Intellidyn Corp.,Grace Dunklee,Boston MA  09/25/2007



→   EDR Poll Finds Subprime Shockwave Hit on Commercial Real Estate Market
Lenders, Environmental Professionals Say Market Fears Lead to Slowdown -- Environmental Data Resources Inc.,Joe McGurk,Milford CT  09/25/2007



→   August Existing-Home Sales Fall on Temporary Mortgage Problems
Existing-home sales fell in August when mortgage availability problems were peaking, according to the National Association of Realtors(R). -- National Association of Realtors,Walter Molony,Washington DC  09/25/2007



→   Countrywide Launches America`s Open House Campaign
Company will help provide one-stop information for house hunters- -- Countrywide Home Loans, Inc.,,Calabasas CA  09/25/2007



→   An Angel To Watch Over You - and your mortgage.
OfferAngel.com Helps Borrowers Level The Playing Field With Lenders. -- OfferAngel.com,Todd Brabender,Scottsdale AZ  09/25/2007



→   U.S. Sept consumer confidence lowest in nearly two years
U.S. consumer confidence weakened in September, the Conference Board said Tuesday. The consumer confidence index fell to 99.8 in September from a revised 105.6 in August. -- MarketWatch,Greg Robb,Washington DC  09/25/2007



→   Existing-home sales fall to 5-year low in August
U.S. sales of existing homes fell 4.3% to a seasonally adjusted annual rate of 5.50 million in August, the lowest since August 2002, the National Association of Realtors reported Tuesday. -- MarketWatch,Rex Nutting,Washington   09/25/2007



→   Edgar A.G. Bright, III, CMB Testifies on Mortgage Industry Response and Lessons Learned After Gulf Hurricanes
Edgar A.G. Bright, III, CMB, President of Standard Mortgage Corporation testified today before the Senate Committee on Banking, Housing and Urban Affairs at a hearing titled, "Two Years After the Storm: Housing Needs in the Gulf Coast." Bright issued the following statement. -- MBA,John Mechem,Washington DC  09/25/2007



→   PEGGY MOSNOT NAMED CHIEF OPERATING OFFICER FOR MAXIM ENTERPRISES
North Canton, OH Peggy Mosnot has been appointed Chief Operating Officer of Maxim Enterprises. -- Maxim Enterprises,Steve Maxim,North Canton OH  09/25/2007



→   No Data Due - Yields Barely Move
There was no data due on Monday. MBS and Treasury prices moved little, particularly in comparison to their wild ride the week before. By the end of trading, the 10-year Treasury yield was down to 4.63%. -- MortgageMag.com,Rob Hain,San Antonio Texas  09/24/2007



→   Saves 35,000 Mortgages From Foreclosure
- Borrowers Facing Challenges Urged to Contact Countrywide`s Home Retention Team - -- Countrywide Financial Corporation,Jumana Bauwens,Calabasas CA  09/24/2007



→   Center for Responsible Lending Supports Plan to Extend Bankruptcy Relief to Homeowners
The Center for Responsible Lending congratulates Representative Brad Miller for proposing legislation that provides homeowners equal access to bankruptcy relief. Current bankruptcy law specifically bars homeowners from restructuring their mortgage, even when foreclosure is imminent due to abusive exploding subprime ARMs. Yet the same law allows financial relief for loans taken out on vacation homes, investment properties and boats. By addressing this gross inequity, Rep. Miller is standing up for homeowners. -- Center for Responsible Lending,Kathleen Day,Washington DC  09/24/2007



→   Iggys House Prescribes Reinvention for the Broken Real Estate and Mortgage Industries
Florida Becomes Next State in Expansion of BuySide Mortgage Corp. -- Iggys House Realty, Inc.,Ken Gaebler,Chicago IL  09/24/2007



→   National Community Reinvestment Coalition Files Discrimination Complaint Against Wall Street Securitizer and Subsidiary Mortgage Originator
Morgan Stanley & Saxon Mortgage Face Fair Lending Complaints to HUD & SEC -- National Community Reinvestment Coa,e Van Tol,Washington DC  09/24/2007



→   Dollar Bank Decreases Prime Rate
Dollar Bank announced on September 18, 2007 that it was decreasing its prime rate from 8.25% to 7.75% effective after the close of business today, September 18, 2007. -- Dollar Bank,James F. Carroll, Jr.,,Cleveland OH  09/24/2007



→   National City Corporation Lowers Prime Rate to 7.75 Percent
National City Corporation (NYSE:NCC) today announced on behalf of its subsidiary banks that it has lowered its prime rate to 7.75 percent from 8.25 percent, effective immediately. The rate was last changed on June 29, 2006, when National City raised its prime rate to 8.25 percent from 8.00 percent -- National City Corporation,Kristen Baird Adams,Cleveland OH  09/24/2007



→   Webster Lowers Prime Lending Rate
Webster Bank, a subsidiary of Webster Financial Corporation (NYSE:WBS) , announced today that it has lowered its prime lending rate to 7.75% from 8.25%, effective today, September 18, 2007. The prime rate last changed on June 29, 2006 -- Webster Financial Corporation,Clark Finley,Waterbury CT  09/24/2007



→   FirstMerit Corporation Lowers Prime Rate to 7.75 Percent
FirstMerit Corporation (NASDAQ:FMER) announced, on behalf of its subsidiary banks, it has lowered its prime rate from 8.25 percent to 7.75 percent, effective September 18, 2007. The rate was last changed on June 29, 2006 when FirstMerit raised its prime rate from 8.00 percent to 8.25 percent. -- FirstMerit Corporation,Tom O`Malley,Akron OH  09/24/2007



→   NAR Says Homeowners and Buyers Will Benefit From FHA Reform Legislation and Fed Rate Cut
Today is a good day for housing, noted the National Association of Realtors(R). On the same day that the Federal Reserve cut the discount rate by half a percentage point, the U.S. House of Representatives has passed the Expanding American Homeownership Act of 2007, H.R. 1852. -- National Association of Realtors,Mary Trupo,Washington DC  09/24/2007



→   R&G Financial Corporation Updates Status of Mortgage Banking Licenses and Certain Outstanding Credit Facilities
Reports Increase in Allowance for Loan and Lease Losses and Valuation Allowance on its Mortgage Loans Held-For-Sale Portfolio -- R&G Financial Corporation,Andres Perez,San Juan Puerto Rico  09/24/2007



→   Huntington Bancshares Incorporated Decreases Its Prime Rate to 7.75 Percent
Huntington Bancshares Incorporated (NASDAQ:HBAN) announced that its prime rate is decreasing from 8.25% to 7.75% effective, September 19, 2007. -- Huntington Bancshares Incorporated,Jeri Grier-Ball,,Columbus OH  09/24/2007



→   Tubbs Jones Votes in Favor of Homeownership Expansion Legislation
Today, Congresswoman Stephanie Tubbs Jones released this statement in support of H.R. 1852, The Expanding American Homeownership Act of 2007. The measure passed the House 348 - 72. -- Office of Congresswoman Stephanie T,Nicole Y. Williams,Cleveland OH  09/24/2007



→   Mortgage Credit News - September 21, 2007
As incredulous clients are learning, mortgage rates are higher now than last week, back up to 6.50% for vanilla 30-year. Yes, higher. ("Sonny, you should be ashamed to try to trick an old lady! I still read the newspaper! You rotten crooks....") -- Boulder West,Lou Barnes,Boulder CO  09/24/2007



→   SUBPRIME LENDING MELTDOWN FUELS RISK AND OPPORTUNITY FOR CREDITORS
The effect of the subprime mortgage meltdown continues to radiate out across the credit markets. Alan Greenspan, the former Federal Reserve Chairman, stated in recent interviews there is a one in three chance of a US recession. New research from TowerGroup explores the impact on consumer debt and credit cards. -- TOWERGROUP,NEEDHAM, MA,Needham MA  09/24/2007



→   Presidential Candidate Mike Huckabee Talks to The Loan Garden About the Current Liquidity Crisis
In a conference call for bloggers, Robert Echevarria, C.M.P.S, Florida`s Mortgage Planning Guru and author of The Loan Garden, had the opportunity to interview the former governor of Arkansas and 2008 presidential candidate Mike Huckabee about the current liquidity crisis and credit crunch. -- CTX Mortgage,Robert Echevarria,Altamonte Springs FL  09/24/2007



→   News Alert for: Fannie Mae
-- Fannie Mae,,   09/24/2007



→   Google News Alert for: freddie mac
-- Freddie Mac,,   09/24/2007



→   No Data Due - Yields Ease
After a week of falling bond prices, MBS and Treasury prices lifted in the absence of economic data on Friday, taking yields down slightly. By the end of Friday`s trading, the 10-year Treasury yield was down to 4.63% - still near its high for the month. -- MortgageMag.com,Rob Hain,San Antonio Texas  09/21/2007



→   Treasury prices rise
Market settles after three day selloff; yields drop easing inflation fears -- CNN/Money (AP),,New York NY  09/21/2007



→   Joffrey Long: Fed Lowering Will Benefit Reverse Mortgage Borrowers- Here`s How:
Homeowners considering reverse mortgages just got a boost -- they`ll get more money as a result of the Federal Reserve`s lowering the benchmark lending rate. Reverse mortgage applicants who`ve applied for, but haven`t signed final papers on a reverse mortgage will also benefit. With interest rates heading down, they`ll receive larger lump sum payouts, or more monthly income from the mortgage. -- Southwestern Mortgage,Joffrey Long,Granada Hills CA  09/21/2007



→   Freddie Mac Announces Resignation of Jeffrey M. Peek from Board of Directors
Freddie Mac (NYSE:FRE) today announced that Jeffrey M. Peek has resigned from its Board of Directors, effective September 17, 2007. In his resignation letter, Peek, who is the chairman and chief executive officer of CIT Group Inc. (CIT), expressed his desire to avoid the appearance of a conflict of interest in connection with a proposed purchase by Freddie Mac of securities backed by a portfolio of CIT residential mortgage loans. -- Freddie Mac,Shawn Flaherty,Mclean VA  09/21/2007



→   Statement on Sub-Prime Mortgages from Herb White, President, Life Certain Wealth Strategies in Greenwood Village, CO
Former Federal Reserve Chairman Alan Greenspan recently acknowledged that he failed to recognize early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy. As most financial pundits, Greenspan did not anticipate how significant sub-prime mortgages would become until it was too late -- Life Certain Wealth Strategies,Connie Hanson,Denver CO  09/21/2007



→   Senate Moves FHA Reform Legislation to Help Homeowners
The National Association of Realtors(R) commended Senate Banking Chairman Christopher Dodd, D-Conn., Sen. Mel Martinez, R-Fla., and Sen. Richard Shelby, R-Ala., for their demonstrated leadership in protecting the interests of America`s current and future homeowners by passing FHA reform legislation today. -- National Association of Realtors,Mary Trupo,Washington DC  09/21/2007



→   Butte Community Bank Launches Online Home Loan Center
Butte Community Bank today announced the launch of their online Home Loan Center with secure mortgage application. The powerful new functionality gives users the ability to research interest rates, compare loan products and even apply for a mortgage online. -- Community Valley Bancorp,Phil Papeman,Chico CA  09/21/2007



→   `Electronic File Transfer is the Tip of the Iceberg` -- Dave Zitting, President and CEO, Primary Residential Mortgage, Inc.
Primary Residential Mortgage, Inc. Launches DocumentTrac, an electronic document management (EDM) solution that has empowered our operation with an integrated solution for imaging, archiving, retrieving, and distributing all documents associated with a loan file. -- Primary Residential Mortgage, Inc.,Dave Zitting,Salt Lake City UT  09/21/2007



→   NAR Sees OFHEO Move as a Step Towards Alleviating the Credit Crunch and Improving the Housing Market
The National Association of Realtors(R) believes giving Fannie Mae and Freddie Mac more flexibility to address problems in the mortgage market will benefit the housing market. In providing the ability to make a two percent adjustment to the portfolio limit formula for Fannie Mae, like Freddie Mac currently has, OFHEO has provided another tool to help borrowers with more subprime loans and others having problems refinancing their mortgage. -- National Association of Realtors,Mary Trupo,Washington DC  09/21/2007



→   Bankrate: Mortgage Rates Inch Upward
Fixed mortgage rates were slightly higher this week, with the average conforming 30-year fixed mortgage rate rising to 6.32 percent. According to Bankrate.com`s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.34 discount and origination points. -- Bankrate, Inc.,Kayleen J. Keneally,New York NY  09/21/2007



→   News Alert for: Fannie Mae
-- Fannie Mae,,   09/21/2007



→   News Alert for: Freddie Mac
-- Freddie Mac,,   09/21/2007



→   Manufacturing Soars - Yields Up
With each data release, MBS and Treasury prices fell, taking yields upward. By the end of the day, the 10-year Treasury yield was up to 4.67%, a full 15 basis point increase over the previous day`s close. -- MortgageMag.com,Rob Hain,San Antonio Texas  09/20/2007



→   Treasury 10-Year Notes Fall Most Since June on Inflation Risk
Treasury 10-year notes fell the most since June on speculation the drop in the dollar and the Federal Reserve`s half-percentage-point cut this week in borrowing costs will fuel inflation. -- Bloomberg,Daniel Kruger and Deborah Finestone,New York NY  09/20/2007



→   Philadelphia Fed`s Factory Index Increased to 10.9
Manufacturing in the Philadelphia region accelerated more than forecast this month as orders and sales improved. -- Bloomberg,Courtney Schlisserman,New York NY  09/20/2007



→   Leading indicators fall 0.6% in August
A gauge of future economic growth plunged 0.6% in August, pointing to slower economic growth ahead, the Conference Board reported Thursday. -- MarketWatch,Rex Nutting,Washington DC  09/20/2007



→   Jobless claims fall to 311,000
In an indication that layoffs haven`t increased significantly, the number of U.S. workers filing for unemployment benefits fell by 9,000 last week to a seven-week low of 311,000, the Labor Department reported Thursday. -- MarketWatch,Rex Nutting,Washington DC  09/20/2007



→   Financial Freedom Launches Fixed Rate HECM Reverse Mortgage
Financial Freedom`s First Closed End Fixed Rate HECM Expected to Create Strong Secondary Market -- Indymac Bank,Michael Gelormino,Irvine CA  09/20/2007



→   MBA Chairman Robbins Testifies on Remedies to Help Avoid Foreclosure
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) testified today before the House Financial Services Committee. The hearing was titled, "Legislative and Regulatory Options for Minimizing and Mitigating Mortgage Foreclosures." Robbins issued the following statement: -- MBA,John Mechem,Washington DC  09/20/2007



→   Robbins Commends House Passage of FHA Reform
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association, today praised the U.S. House of Representatives for overwhelmingly passing H.R. 1852, The Expanding American Homeownership Act of 2007. The bill passed by a bipartisan vote of 348-72. Robbins issued the following statement. -- MBA,John Mechem,Washington DC  09/20/2007



→   Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 14, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 673.2, an increase of 2.4 percent on a seasonally adjusted basis from 657.4 one week earlier, which was a holiday shortened week. On an unadjusted basis, the Index increased 26.6 percent compared with the previous week and was up 12.8 percent compared with the same week one year earlier. -- MBA,John Mechem,Washington DC  09/20/2007



→   CPI falls 0.1% in August on drop in energy prices
U.S. consumer prices fell 0.1% in August as energy prices dropped for a third straight month, the Labor Department reported Wednesday. Energy prices fell 3.2%. Food prices rose 0.4%. Excluding volatile food and energy prices, the core consumer price index rose 0.2%, bolstered by higher prices for medical care and shelter. Both the headline and core inflation numbers were exactly as forecast by economists surveyed by MarketWatch. The CPI has risen 2% over the past year, while core prices are up 2.1%, close to the Federal Reserve`s target zone. -- MarketWatch,Rex Nutting,Washington   09/20/2007



→   Home Retention Alliance Launched by MortgageHub and USFN
Organization aims to salvage the 80 percent of mortgage loans approaching foreclosure which can be rescued with the right combination of loss mitigation services -- ISGN Technologies Ltd,,Rosalie Berg,Orlando FL  09/20/2007



→   MBA Welcomes OFHEO Move to Raise GSE Portfolio Caps
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) reacted positively to today`s announcement by the Office of Federal Housing Enterprise Oversight (OFHEO) Director James Lockhart that OFHEO would provide Fannie Mae and Freddie Mac additional flexibility in managing their mortgage portfolios in order to comply with their portfolio caps. -- MBA,John Mechem,Washington DC  09/20/2007



→   ICBA Tells Congress Community Banks Are Stable, Well-Capitalized and Ready to Assist Homeowners
Community Banks Welcome Return to Common-Sense Underwriting -- ICBA,Karen Tyson,Washington DC  09/20/2007



→   MBA Praises House Passage of Legislation to Extend the Terrorism Risk Insurance Program
The Mortgage Bankers Association (MBA) today commended the House for passing H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). The legislation will extend the Terrorism Risk Insurance Extension Act of 2005 (TRIEA) for 15 years through calendar year 2022, and adds group life insurance to the lines of coverage included under the program. -- MBA,Jason Vasquez,Washington DC  09/20/2007



→   Commercial/Multifamily Debt Outstanding Grows in Second Quarter, Now Exceeds $3.1 Trillion
The level of commercial/multifamily mortgage debt outstanding grew by 3.4 percent in the second quarter, exceeding $3.1 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. -- MBA,John Mechem,Washington DC  09/20/2007



→   Overall Prices Decline - Yields Wander
Bond yields opened higher than Tuesday`s close, and they wandered throughout the day. The 10-year Treasury yield closed very near its opening level, at 4.52%. -- MortgageMag.com,Rob Hain,San Antonio Texas  09/19/2007



→   CPI falls 0.1% on drop in energy prices
U.S. consumer prices fell 0.1% in August as energy prices dropped for a third straight month, the Labor Department reported Wednesday, giving the Federal Reserve some belated backing for its decision to cut interest rates. -- MarketWatch,Rex Nutting,Washington DC  09/19/2007



→   U.S. Housing Starts Fell in August to 12-Year Low
Builders in the U.S. began work on the fewest homes in 12 years in August, raising the risk the real- estate recession will spread to other parts of the economy. -- Bloomberg,Shobhana Chandra,New York NY  09/19/2007



→   Producer Prices Mixed - Fed Lowers Rates
After opening higher and pushing upward, MBS and Treasury yields dropped after the rate announcement. The 10-year Treasury yield closed at its lowest of the day, but still higher than the day before - at 4.48%. -- MortgageMag.com,Rob Hain,San Antonio Texas  09/18/2007



→   Financial stocks jump after Fed cuts rates
Financial stocks moved sharply higher Tuesday afternoon, adding to earlier gains, after the Fed cut short-term interest rates by half a percentage point -- MarketWatch,Greg Morcroft,New York NY  09/18/2007



→   Producer Prices Fell More Than Forecast
Prices paid to U.S. producers fell more than forecast in August, diminishing concern over inflation as the Federal Reserve lowers interest rates. -- Bloomberg,Courtney Schlisserman,New York NY  09/18/2007



→   Builders` confidence falls to lowest level ever
Contractors more pessimistic about rebound than ever before -- MarketWatch,Rex Nutting,Washington   09/18/2007



→   FOMC cuts fed funds and discount rates by half point each
The Federal Open Market Committee cut its benchmark federal funds rate by a half percentage point to 4.75%. -- MarketWatch,Greg Robb,Washington   09/18/2007



→   Wachovia Corporation Lowers Prime Rate
Effective today, Wachovia Corporation (NYSE:WB) lowered its prime interest rate to 7.75 percent from 8.25 percent at Wachovia Bank, National Association and all of its other banking subsidiaries. -- Wachovia Corporation,Christy Phillips-Brown,Charlotte NC  09/18/2007



→   New Foreclosures Up in 47 States
The 2nd Quarter National Delinquency Survey, released today by the Mortgage Bankers Association (MBA), shows that mortgage loans entering foreclosure have increased in 47 states since this time last year. On average, the increases were 50% higher. Only four states -- North Dakota, South Dakota, Utah and Wyoming -- did not experience increases in new foreclosures. Less than two percent of the American population lives in those states. -- Center for Responsible Lending,Kathleen Day,Washington DC  09/18/2007



→   Low Wage Growth to Impact on Housing Market and Consumer Spending
VocaLink Take Home Pay Index Remains Unchanged at 3.6 Per Cent in August -- VocaLink,Felicity Callaghan,London UK  09/18/2007



→   Fed Will Help Economy Avoid Worst of Crisis
"So much has happened since Mesirow Financial`s Economics Group published its Mid-Year Economic Review on June 6, 2007 -- credit market conditions tightened, more than 60 mortgage lenders went bankrupt, the European Central Bank and the Federal Reserve increased their repurchasing activities to buoy short-term borrowing in credit markets, fears of a recession intensified -- Mesirow Financial,Diane Swonk,Chicago IL  09/18/2007



→   Hudson City Quality Ranks in Top One Percent Among Largest Mortgage Lenders
According to a new study, Hudson City Bancorp, Inc. (NASDAQ:HCBK) , the largest savings bank headquartered in New Jersey and the third largest thrift in the United States, was rated among the top three lenders, nationwide, for conservative mortgage underwriting standards. The study was conducted by SMR Research Corporation, the nation`s largest publisher of research on consumer finance. -- Hudson City Bancorp, Inc.,Susan Munhall,Paramus NJ  09/18/2007