Mortgages News

Asian stocks sag on US recession fears, Malaysia dives on election shock UPDATE3 ...
10 Mar 2008 source: iii.co.uk

SINGAPORE (Thomson Financial) - Asian markets fell Monday on heightened fears that the US may already be in recession after the release of surprisingly weak employment data, with Malaysian stocks leading declines after the ruling political coalition suffered its worst-ever defeat in Saturday's general election. The Kuala Lumpur Composite Index plunged 10 percent in the afternoon session, promptin ...

Law Society acts on mortgage fraud
10 Mar 2008 source: financemarkets.co.uk

The Law Society is the latest organisation to announce its intention to tackle mortgage fraud, and will be issuing new guidance to solicitors to raise awareness of fraudulent applications. The Financial Services Authority (FSA) is already working with the police to stamp out the activity, which involves both individuals and organised gangs. UK mortgage fraud losses are estimated at £700 million a year and the figure is rising. Criminals have been known to obtain false valuations that back l ...

One in five 'have mortgage fears'
4 Mar 2008 source: bbc.co.uk

One in five mortgage holders are worried about meeting their repayments in the next 12 months, according to the Financial Services Authority (FSA). And a quarter of those do not have any plans for dealing with the issue, the poll for the financial regulator found. The survey was small, with just 573 people with a mortgage giving answers. But the FSA is sufficiently concerned about the situation that it is launching a £2m advertising campaign and an advice guide for homeowners. The FSA i ...

One in five UK mortgage holders see trouble ahead - FSA
4 Mar 2008 source: iii.co.uk

LONDON (Thomson Financial) - One in five mortgage UK holders are concerned about meeting their repayments in the next 12 months, according to the Fianancial Services Authority. Additionally a quarter of these mortgage holders had no plans on how they would meet these costs, the FSA said as it launched a 2 mln stg advertising campaign to help consumers make informed financial decisions The watch  ...

Cuomo strikes deal with Fannie, Freddie
4 Mar 2008 source: iii.co.uk

ALBANY, N.Y. (AP) - New York Attorney General Andrew Cuomo said Monday that prospective home buyers will be protected from fraudulently inflated home prices under a new agreement with government-sponsored lenders Fannie Mae and Freddie Mac. Cuomo said lenders have pressured appraisers to bump up the listed value of homes, contributing to a national mortgage crisis that is forcing families into fo ...

Countrywide sees pay-option loan risk
4 Mar 2008 source: iii.co.uk

LOS ANGELES (AP) - Countrywide Financial Corp. has seen mortgage defaults rise as the housing market went from boom to bust, but the nation's largest home loan provider says it could have more trouble ahead with a particularly risky slate of loans -- pay-option adjustable rate mortgages. Pay-option loans give borrowers the option to make a lower payment but can result in the unpaid portion being  ...



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