Guaranty Mortgage

First Horizon National Corp. has decided to outsource much of its back-office support and mortgage servicing, a spokesman told MortgageDaily.com. An agreement is being finalized with a large U.S. third-party service provider, he said. Around 170 employees are being laid off as a result of the outsourcing, the spokesman indicated.

New 2008 Highs for Mortgage Rates
Fixed-rate mortgages (FRMs) hit the highest levels of 2008 during the week ended July 24 according to Freddie Mac’s Primary Mortgage Market Survey. “Market concerns about rising inflation and the greater probability that the Federal Reserve (Fed) will raise short-term rates this year all combined to push mortgage rates higher this week,” said Frank Nothaft, Freddie Mac vice president and chief economist… Read More Now

Hope Now Alliance Saves 1.9 Million Homes From Foreclosure
Mortgage service providers have staved off the foreclosure of 1.9 million homes in the past year in what has been the largest bailout the housing industry has ever seen, according to Hope Now, the private sector alliance of mortgage service providers, counsellors and investors… Read More Now

Mixed Results at Fannie
Second-quarter new business acquisitions at Fannie mae were $199 billion, climbing from the prior quarter and prior year, according to a monthly operational summary released today. But volume of $64 billion during June was down from May and from June 2007. Serious residential delinquency on residential loans was 1.30 percent on May 31, rising for the 12th straight month.

Extreme savers share their secrets
There are savers, and then there are uber savers — people who really take it seriously.

CIBC’s Rubin Sees U.S. Inflation Hitting 6%
Headline inflation in the United States could be headed as high as 6% before the end of the year, CIBC chief economist Jeff Rubin warns in a forecast published Wednesday. “We haven’t seen a 6% CPI inflation rate posted in the U.S. since 1990 and even then only briefly for four months,” wrote Rubin. “You’ve got to go back to 1982, in the midst of the stagflation that followed the second OPEC oil shock, to see …” Read More Now

Hopeful Signs in Foreclosure Battle
Subprime delinquency of at least 60 days was 13.27 percent in the second quarter, HOPE NOW reported. Subprime late payments eased from the first quarter. During just June, 186,000 foreclosures were started, falling from May. Completed foreclosures were 81,000, also falling from May. HOPE NOW said that a record number of workouts were completed in the second quarter.

Bankruptcy Filings Fall
There were 82,770 consumer bankruptcy filings during June, according to recent data from the American Bankruptcy Institute. Filings fell from May, ABI reported. Filings were higher, however, than in June 2007

Another Wholesaler Drops HEL Programs
Homecomings Financial LLC notified its mortgage broker customers that it has discontinued its Accent home-equity program. Closed-end second mortgages and home-equity lines-of-credit are both impacted. The decision was attributed to current market conditions, a spokesman told MortgageDaily.com in a statement.

Preview: Second Quarter GDP Expected to Post 2.3% Growth
The consensus forecast expects U.S. GDP growth to come in quite a bit better than the two previous quarters, as exports have surged on the weak dollar and the fiscal stimulus package has provided a boost to consumption. The advance Q2 GDP report is expected to show growth of 2.3% in Thursday’s report from the Bureau of Economic Analysis, a significant advance following 1.0% growth in Q1 and a dismal 0.6% rate in the final quarter of 2007. However, forecasts are abnormally wide for the report, ranging from 0.9% to 4.2%. Read More Now

The White House revised its 2008 budget deficit forecast to $389 billion from $410 billion earlier in February and its 2009 forecast to $482 billion from $407 billion, far above the all time record of $413 billion seen in 2004. Read More Now

IMF Global Financial Stability Update Says Markets Remain Fragile
Credit risk remains elevated and appetite for risk remains subdued, though the systemic risk to financial markets is not as elevated as it was in the spring, according to a new market update from the International Monetary Fund. “Global financial markets continue to be fragile and indicators of systemic risk remain elevated,” said the update to the Global Financial Stability Report on Monday. Read More Now

Paulson Encourages Covered Bond Market to Increase Mortgage Financing
Treasury Secretary Henry Paulson said Monday that covered bonds are an answer to financial market’s request for clarity. He said covered bonds, a $3 trillion market used widely in Europe for mortgage funding, can develop without legislation in the U.S., and four of the largest U.S. banks are already prepared to set up the market. “I believe covered bonds have the potential to increase mortgage financing, improve underwriting standards, and strengthen U.S. financial institutions by providing a new funding source that will diversify their overall portfolio,” Paulson said. Read More Now

Case-Shiller U.S. Home Price Index Declines by Record Annual Levels in May
The S&P Case-Shiller U.S. home price index continued to deteriorate in May as the 20-city composite index posted a record annual decline of 15.8%. The Case-Shiller index has fallen every month since peaking in July 2006. The month-over-month decline in home prices was 0.9%, compared to the 1.3% loss in the previous month. The 20-city composite is now at a level of 168.54. Read More Now

U.S. Treasury Will Borrow Record Amount for Second Fiscal Quarter
The U.S. government plans to issue more debt in the current quarter than any time in history, the Department of Treasury said on Monday. Read More Now

Are Rumors Rather than Reality Feeding Market Behavior?
Is it possible that some of the collapses and near misses in the financial markets over the last six months will ultimately be tied to a few sick and/or greedy people who have used rumors and innuendo to manipulate the market? Government regulators are looking at such a scenario starting with the failure of Bear Stearns in March of this year. The Journal reported that the SEC is attempting to trace the allegedly false rumors to the original source…. Read More Now

All about the housing bill
The House has passed a housing bill that is designed to encourage delinquent mortgage borrowers to refinance into FHA-insured mortgages and to stimulate sales of empty houses, among other things.

U.S. Consumer Confidence Improves to 51.9 in July
The Conference Board’s consumer confidence index for July improved to 51.9 in Tuesday’s report, against expectations of a slight decline to 50.0. Some economists were expecting such an improvement following the upward revisions in the Reuters/U of Michigan sentiment index last week, which bumped up to 61.2 from the preliminary 56.6 level. Read More Now

Finding the grill of your dreams
You can spend a lot or a little, depending on how many options you want.

Mortgage rates reached their highest level in a year in Bankrate’s weekly survey, conducted yesterday.

Foreclosure Prevention is Widespread
Foreclosure.com and LoanResolve.com jointly announced they have forged an alliance to reduce and simplify the short-sale process. The chairman-elect of the Mortgage Bankers Association testified before Congress that servicers have taken a number of steps to reduce foreclosures including increasing staff, investing in new technology and sponsoring home retention workshops. HOPE NOW servicer members have committed to respond within five days of requests from borrowers for a loan workout, the group’s executive director said in her own testimony at the same hearing, a news release said. In Washington, D.C., Neighborhood Assistance Corporation of America said it recently held a demonstration to show at-risk borrowers how to avoid foreclosure and press legislators and the Bush administration to take more action. North Carolina House Bill 2623, Emergency Foreclosure Reduction Program, was ratified by state lawmakers on July 17 and sent to the governor.

KeyCorp Unit Eliminating Employees
KeyBank Real Estate Capital said it is laying off 113 Dallas employees. The layoffs affect employees in its commercial mortgage-backed securities servicing operation, she noted. “The decision to close the downtown Dallas office was based on several factors including the credit market disruption,” the spokeswoman stated.

Housing Bill Approved
The U.S. Senate, approved H.R. 3221 Saturday on a vote of 72-13. The House of Representatives passed the bill 272-152 on Thursday. President Bush, who had originally threatened to veto the bill, has now promised to sign the legislation. The legislation is designed to help as many as 400,000 borrowers by allowing them to re-finance high-cost adjustable-rate mortgages with 30-year-fixed loans. Under the bill, the Federal Housing Administration is permitted to insure $300 billion in new loans for the massive refinance program.

All about the housing bill
The House has passed a housing bill that is designed to encourage delinquent mortgage borrowers to refinance into FHA-insured mortgages and to stimulate sales of empty houses, among other things.

Biggest Mortgage Lenders from MortgageDaily.com
With $63 billion in second-quarter fundings, Wells Fargo & Co. emerged as the biggest U.S. mortgage lender, according to an analysis of second-quarter earnings data by MortgageDaily.com. JPMorgan Chase & Co., which reported $61 billion in residential originations — including home-equity fundings, secured the second spot on the list of biggest lenders. Countrywide Financial Corp., which has long held the top spot, saw its second-quarter loan production plummet to less than $60 billion — ranking it as the third biggest lender.

Rates rise rapidly
Mortgage rates have been rocketing upward the past few days, to levels they haven’t seen since this time last year.

Vishing scam targets military family members
Claiming to be with the Red Cross, fraudsters say a loved one is wounded and ask for information.

Covered Bonds to Boost Liquidity
In a statement today, Treasury Secretary Henry M. Paulson Jr. trumpeted the benefits of a U.S. covered bond market. The Federal Deposit Insurance Corporation issued a final policy statement about covered bonds on July 15, and the Treasury issued a best practices guide to complement FDIC’s statement. The guide was the result of a joint effort between FDIC, the Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Securities and Exchange Commission.

Drivers may get a rude money shock when their car lease ends, says Bankrate car columnist Terry Jackson.

How do I transfer a balance?
A step-by-step guide for switching to a better credit card

Short-term loan better than dumping car
Borrow more money instead of dumping a truck back on the bank, says Bankrate car columnist Terry Jackson.

Housing Bill Approved
The U.S. Senate, approved H.R. 3221 Saturday on a vote of 72-13. The House of Representatives passed the bill 272-152 on Thursday. President Bush, who had originally threatened to veto the bill, has now promised to sign the legislation. The legislation is designed to help as many as 400,000 borrowers by allowing them to re-finance high-cost adjustable-rate mortgages with 30-year-fixed loans. Under the bill, the Federal Housing Administration is permitted to insure $300 billion in new loans for the massive refinance program.

Mixed MBS Ratings Activity
Higher-than-anticipated rates of delinquency, foreclosure and real estate owned in the underlying collateral relative to credit enhancement levels prompted Moody’s Investors Service to lower the ratings on 61 Alt-A issuances. In commercial MBS activity, five classes of Chase Commercial Mortgage Securities Corp. 1998-2 were upgraded by Fitch Ratings due to additional paydown of 20 loans including the largest loan in the deal. Morgan Stanley Capital I Trust 2006-IQ11 saw three classes downgraded by Fitch, reflecting the increase in specially serviced assets since Fitch’s last rating action in addition to an increase in Fitch’s expected losses on the specially serviced assets.

Bill collectors hound driver for decade
Ten years after an accident, it’s time to get an attorney, says Bankrate car columnist Terry Jackson.

Extreme savers share their secrets
There are savers, and then there are uber savers — people who really take it seriously.

Mortgage rates have been rocketing upward the past few days, to levels they haven’t seen since this time last year.

Straddling the short refi fence
Mortgage rates are rising faster than Treasury yields, which implies that investors are running away from mortgage bonds.

Rates rise rapidly
Mortgage rates have been rocketing upward the past few days, to levels they haven’t seen since this time last year.

Rates shoot up, then fall a bit
Mortgage rates reached their highest level in a year in Bankrate’s weekly survey, conducted yesterday.

New Home Sales Higher than Expected Due to Revisions in May, April
New home sales fell for the seventh of the past eight months in June, falling by 0.6% to an annual pace of 530k sales. This rate is much higher than consensus expectations due to major revisions in the previous two months, according to the U.S. Census Bureau on Friday. Read More Now

Revisions Boost New Home Sales, Suggest Stabilization, Economists Say
U.S. new home sales fell marginally in June but the pace was much higher than expected due to +50k of revisions over the past three months. Economists were surprised by the report and said it may be a tentative sign of stabilization, though more data will be needed to confirm that. Sal Guatieri, senior economist at BMO Capital Markets, said the report “paints a brighter picture (than previously portrayed), in the new housing market anyway.” Yet he cautioned against being too optimistic, as things are still getting worse but only at a slower decline than in the past two years. Read More Now

Final University of Michigan Consumer Sentiment Reports Surprise Upward Revision
The final consumer sentiment survey from Reuters and the University of Michigan received a large upward revision from preliminary estimates in July, with the headline indicator coming in at 61.2 compared to the preliminary 56.6 level. Read More Now

Preview: New Home Sales Likely Fell Again in June
In May, the New Home Sales Index fell 2.5% to its second-lowest pace in 17 years, and economists expect another decline in the June report to be released Friday by the U.S. Census Bureau. The index of sales has fallen in six of the past seven months and currently stands at an annual pace of 512k. The consensus looks for a 1.8% decline to a pace of 503k sales in June, but the range of forecasts varies from a low of 480k to a high of 530k. Read More Now

Friday’s Events: U.S. Durable Goods, U of M Consumer Sentiment, New Home Sales
Friday’s highlights include the release of U.S. durable goods and new home sales for June along with a final look at consumer sentiment for the United States. There are no major scheduled macroeconomic releases or events for Canada. At 8:30 a.m. EDT, the U.S. Commerce Department will release durable goods orders for June. Economists expect a 0.3% month-over-month decline… Read More Now

Mortgage rates are rising faster than Treasury yields, which implies that investors are running away from mortgage bonds.

Revisions Boost New Home Sales, Suggest Stabilization, Economists Say
U.S. new home sales fell marginally in June but the pace was much higher than expected due to +50k of revisions over the past three months. Economists were surprised by the report and said it may be a tentative sign of stabilization, though more data will be needed to confirm that. Sal Guatieri, senior economist at BMO Capital Markets, said the report “paints a brighter picture (than previously portrayed), in the new housing market anyway.” Yet he cautioned against being too optimistic, as things are still getting worse but only at a slower decline than in the past two years. Read More Now

Preview: New Home Sales Likely Fell Again in June
In May, the New Home Sales Index fell 2.5% to its second-lowest pace in 17 years, and economists expect another decline in the June report to be released Friday by the U.S. Census Bureau. The index of sales has fallen in six of the past seven months and currently stands at an annual pace of 512k. The consensus looks for a 1.8% decline to a pace of 503k sales in June, but the range of forecasts varies from a low of 480k to a high of 530k. Read More Now

Rates rise rapidly
Mortgage rates have been rocketing upward the past few days, to levels they haven’t seen since this time last year.

Delinquency of at least 30 days was a whopping 11.2 percent at the end of June, Downey Financial Corp. reported. Late payments soared from the end of March and rose by more than a five-fold increase over a year earlier. The company replaced its chairman, vice-chairman and chief executive officer.

Cashout Share Rises, Dollar Volume Falls
During the second quarter, two-thirds of refinances included cashout, Freddie Mac reported in its quarterly refinance review. The share of cashouts rose from a revised 58 percent in the first quarter. However, the level of activity worked out to around $38 billion in extracted equity — less than half the dollar amount cashed out during the same period in 2007.

Results Worsen at National City
Second-quarter production at National City Mortgage was $5.3 billion, according to earnings data. Fundings fell from the prior quarter and a year earlier. The rate of residential mortgages past due more than 30 days was 4.7 percent at the end of June, climbing from the end of March and a year earlier. The mortgage banking business had an $0.4 billion loss, worse than the loss in the first quarter and the profit a year earlier.

How do I transfer a balance?
A step-by-step guide for switching to a better credit card

30-year At Highest Level in Nearly 1 Year
The average 30-year fixed-rate mortgage climbed 37 basis points from the prior week to 6.63%, Freddie Mac reported in its Primary Mortgage Market Survey for the week ending July 24. A year earlier, the 30-year averaged 6.69%. The 30-year is at its highest point since Aug. 2, 2007, when it stood at 6.68%.

Finding the grill of your dreams
You can spend a lot or a little, depending on how many options you want.

Bankrate readers show how they are finding alternate transportation options to reduce their need for gas.

Finding the grill of your dreams
You can spend a lot or a little, depending on how many options you want.

Rates bounce back from dip
IndyMac fails and is taken over by the Federal Government.

How do I transfer a balance?
A step-by-step guide for switching to a better credit card

‘Lost’ check will clear bank eventually
A check credited to a payee’s account eventually will be debited from the payor, says Dr. Don Taylor.

Mortgage rates rise sharply
Mortgage rates are rising fast — almost a quarter point compared to yesterday.

A step-by-step guide for switching to a better credit card

A class-action lawsuit was filed last week by California borrowers against KB Home, Countrywide Financial Corp. and several of their wholly-owned subsidiaries. The case was filed in connection with the sale of KB Home residences financed by Countrywide. The complaint alleges that the defendants charged for settlement services on federally related loans provided by a joint venture referral arrangement between KB Home and Countrywide. The plaintiffs allege that the joint venture was nothing more than a sham arrangement designed to circumvent RESPA’s prohibition of collusion and kickbacks in connection with the provision of real estate settlement services.

Acquired Mortgage Companies Increase as Failures Decline
During the second quarter, 16 companies or operating units were shut down, according to the Mortgage Graveyard. The number of failed companies was down one-third from the first quarter. At the same time, the number of mortgage-related companies that were acquired rose 17 percent to 14 in the second quarter.

Appraisal may reverse equity freeze
A home appraisal may convince a lender to reverse a home equity freeze, says Dr. Don Taylor.