Guaranty Mortgage

Census Bureau reports show that 110,400 houses were started in October. Compare that to the 130,600 houses that were started in October 2006, for a 15 percent drop year-over-year.

Big 10-Year Rally
The yield on the 10-year Treasury closed at 3.83 percent. The yield was down 17 basis points for the day. The yield decline was sparked by a massive selloff in the stock market, with the Dow Jones Industrial Average reportedly tumbling 237.44 points.

HR 3915 - Getting Warmer
The reason 3915 makes me so incensed is that it will still harm those who it professes to protect. I could care less about what you think CAUSED the CRISIS. If you are focused on blame, like Ralph Roberts and Barney Frank, you are missing the big picture… Now we get to the hardball… This may shock and amaze you. This may be the most radical thing that anyone has ever suggested, but I just have to say it. I may be shunned for all eternity for suggesting something so radical, but it has to be done. No more stalling, here goes nothing: Read More Now

Housing Starts? Hold the Applause!
The national media was trumpeting the good news about housing start data released Tuesday morning by the Census Bureau and the Department of Housing and Urban Development, but it is not clear exactly what they were cheering about. Read More Now

Subprime Bankruptcy, Liquidation & Losses
Fieldstone Mortgage Co. filed for Chapter 11 bankruptcy protection on Friday, according to documents filed in the U.S. Bankruptcy Court District of Maryland. NetBank Inc., the former parent of subprime lender Meritage Mortgage, said in an SEC filing today it will liquidate in bankruptcy. Freddie Mac could see losses of between $1 billion to $5 billion on its $120 billion subprime AAA portfolio “if the recent credit spread widening does not reverse over the coming quarters,” according to a report by Credit Suisse research analysts.

Formula Boosts Closings
Mastering the Essentials of Sales: What You Need to Know to Close Every Sale takes a comprehensive look at the history of sales, what has worked, what hasn’t, and how to position oneself as a professional salesperson. The new sales book was reviewed by MortgageDaily.com reporter Paula Parisot. The author noted knowledge, skill and motivation are three components essential to a successful sales formula.

Winners, losers in mortgage bill
If this bill becomes a law fewer people would get mortgages. Whether that is good or bad depends upon your perspective.

Senator Targets Massive Countrywide Borrowings
Senator Charles Schumer has sent a letter to the Federal Housing Finance Board’s chairman asking that further loan advances to Countrywide Bank by the Federal Home Loan Bank of Atlanta be more closely scrutinized and possibly curtailed. Schumer is concerned about $51.1 billion in outstanding advances made to the Countrywide Financial Corp. subsidiary, noting that the balance represents 37 percent of FHLB Atlanta’s total outstanding advances as of Sept. 30 and far exceeds advances outstanding to the next largest borrower. “I find these numbers alarming as reports continue to emerge about how Countrywide’s reckless and predatory lending practices were a leading contributor to today’s foreclosure crisis,” Schumer stated.

Purchases and issuances totaled $40 billion during October, Freddie Mac reported. Business tumbled from September and was also down from October 2006. The government sponsored housing enterprise reported a $2 billion third quarter loss.

Downgrades and foreclosures
Goldman Sachs has downgraded Citigroup because of potential write-downs in collateralized debt obligations.

Countrywide Accused of Interest Overcharges
A lawsuit brought by an Arizona couple accuses Countrywide Home Loans Servicing LP of “improperly retaining unearned per diem interest” on conforming home loans beyond the payoff dates. Attorneys for the plaintiffs seek class action status. The suit notes that, per Fannie Mae’s requirements, any per diem interest paid after the payoff is to be returned to the borrower because no principal remains outstanding on which interest can be charged.

Moving your savings from one bank to another will not zap your credit score, says Dr. Don Taylor.

States Target Brokers
In a statement, Massachusetts’ attorney general said she wanted to give lenders and brokers more time to comply with a controversial new broker regulation. In Illinois, the governor has signed what he calls “an anti-predatory lending law” that “toughens standards that mortgage brokers must meet before completing loans for their customers.” In Colorado, the Department of Regulatory Agencies has adopted an emergency rule requiring mortgage brokers to provide borrowers with disclosures within three business days of receiving a loan application or any money from the borrower.

Pay cash, get a discount
It’s amazing the deals you can get with a wad of dollar bills in your hand.

Senators Legislate Mortgage Lending
The Mortgage Bankers Association commended the U.S. Senate for today’s passage of the Terrorism Risk Insurance Program Reauthorization Act of 2007. Senator Charles E. Schumer announced Thursday he introduced a subprime mortgage bill to protect New York borrowers from predatory lending practices. Thursday also held the Senate’s unsuccessful attempt to pass the FHA Modernization Act of 2007. Schumer had additionally requested that the Senate expedite the PROMISE Act in order to more timely assist borrowers in risky, unaffordable subprime mortgages.

How to freeze soaring home heating bills
Heating costs are expected to soar this winter, but you can control your monthly bill by making these energy-efficient moves.

Apartment, Office & Retail Buildings Financed
A 31-story luxury apartment building in New York with 156 units secured a $61.0 million loan arranged for Lalezarian Properties, Meridian Capital Group announced. In Washington, D.C., 1900 M Street NW secured a $53.0 million loan by Anglo Irish Bank. Dweck Properties agreed to a 5-year, fixed-rate loan. Over in Chicago, a Loehmann’s Department Store secured $12.0 million in financing from Citigroup Global Markets Realty Corp.

Dealing with a product recall
Was something you bought recalled? Would you know and what do you do?

Same payment rule at credit union, bank
Loan down payments work the same at banks and credit unions, says Bankrate car columnist Terry Jackson.

Groups Oppose Industry’s Positions
WASHINGTON, D.C. — A reporters’ roundtable, held in Washington, D.C., on Wednesday, was hosted by the National Community Reinvestment Coalition. One by one, the 19-member panel expressed concern that accountability for Wall Street is missing from H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007 passed by the full U.S. House of Representatives this week. One opponent of assignee liability is President Bush, who said in a statement Wednesday that provisions of the bill “could overly constrict the primary and secondary markets for mortgage finance.” The Mortgage Bankers Association is also opposed to assignee liability, according to congressional testimony from the group’s chairman in June.

$100 fill-up coming to pump near you
Whether you own an SUV or a compact, get ready for a major price shock at the local gas pump, says Bankrate car columnist Terry Jackson.

On November 1, New York State Attorney General Andrew M. Cuomo announced that he is bringing suit against one of the largest real estate appraisal management companies in the country and its parent corporation for mortgage fraud. The company, eAppraiseIt (EA) a subsidiary of First American Corporation is accused in the suit of caving into pressure from Washington Mutual (WaMu) to use a list of… Read More Now

Simple-interest loans follow own rules
Paying early on a simple-interest loan can help you get rid of the debt faster, says Dr. Don Taylor.

ONeal is History and Merrill Lynch is Sued
As was widely expected on Monday, Merrill Lynch & Company Tuesday morning announced the “immediate retirement” of Stan O’Neal as the company’s Chief Executive Officer. In other news, an investor lawsuit has been filed against Merrill Lynch & Co contending that the company issued false and misleading statements regarding its exposure to risky mortgage investments, the plaintiffs’ lawyers said on Tuesday. Read More Now

Growth Worries Push Mortgage Rates Down
Mortgage rates showed substantial declines for the previous week according to Freddie Mac’s Primary Mortgage Market Survey. Similar drops were recorded by the Mortgage Bankers Association (MBA) in its Mortgage Applications Survey for the week ended October 26. Read More Now

HOPE NOW for Foreclosures
The HOPE NOW alliance announced it sent letters to more than 200,000 delinquent borrowers that will include a toll-free number borrowers can call for free help. This mailing, expected to start Nov. 19 and be complete by Nov. 30, will be the first of several outreach efforts to take place over the next few months. In a separate announcement, the Mortgage Bankers Association, also a member of the alliance, applauded the letter campaign. “This outreach effort provides borrowers with a trusted source, independent of their lender, who can help them determine how to get back on track,” the trade group said.

Apartment Complexes May Benefit From FCC Action Against Cable Contracts
Consumers, at least those who live in large apartment complexes, may be poised to win one for a change if an article by Stephen Labaton published in The New York Times on Monday is correct. According to the Times report, the Federal Communications Commission (FCC) is considering striking down exclusive contracts between cable companies and apartment building owners and… Read More Now

Allied Employees Collect
Allied Home Mortgage Corp. has paid $1.8 million in back wages to more than 500 of its employees. The payout follows an investigation by the Department of Labor that revealed it failed to pay its inside sales employees overtime compensation. “Allied values and appreciates its employees, and has been diligent in its efforts to ensure compliance with wage and hour regulations,” the company said in a to MortgageDaily.com.

Subprimes Next Victim: Merrill Lynch CEO
A death watch was underway on Wall Street on Monday as investors and financial analysts waited for what was rumored to be the imminent resignation or firing of Stan O’Neal as CEO of Merrill Lynch & Company. Mr. O’Neal, architect of his company’s plunge into the sub- prime mortgage market announced last week that… Read More Now