Guaranty Mortgage

National City Corp. was sued on behalf of an individual who invested in its 4 percent convertible senior notes, the plaintiffs’ law firm announced. The lawsuit accuses the National City and other defendants of misrepresenting the quality of residential mortgages. NovaStar Financial Inc. has agreed to settle a pending investor class action, a Securities and Exchange Commission filing said. Goldman Sachs & Co. is among several defendants in a lawsuit filed on behalf of investors in some GS Mortgage Securities Corp. securitizations issued last year, an announcement said.

Firm Hiring Thousands
Adecco USA is in the midst of a campaign to recruit mortgage production employees, a spokeswoman told MortgageDaily.com in a statement. Among the positions being filled are processors, underwriters and closers. While the exact number of positions being filled was not available, Adecco estimated it is currently filling “thousands” of mortgage positions nationally.

Lifeline Extended to GMAC
GMAC LLC sold $5 billion in senior preferred equity to the U.S. Department of the Treasury under the Troubled Asset Relief Program, a Treasury announcement said. The deal included warrants equal to 5 percent of the preferred stock investment. As part of the investment agreement, GMAC must comply with executive compensation provisions of the capital purchase program.

Video: Learn how to be rich and stay rich
Classes on how to manage your wealth are popping up across the country. Can you learn to be rich?

National City Settles Class Action
A West Virginia class-action lawsuit has been settled by National City Mortgage Inc. The company was accused of charging multiple late fees on rolling 30-day delinquencies. In addition, National City allegedly returned partial payments in violation of state law.

2 tales of 4.5 percent
Two readers contribute their thoughts on getting 4.5 percent rates for mortgages.

Cut holiday costs this season
Trim your gift-giving, yuletide travel and holiday party planning with these tips from Bankrate.

Rates near record lows
Well-qualified borrowers can get mortgages at around 5 percent or even lower today, paying little, if any, in discount points.

Stop kicking yourself
Good luck and timing play a role in securing a low rate mortgage these days.

12 ways to holiday magic for under $15
Slow down and enjoy the holidays with these family friendly holiday activities.

Fannie Mae will now impose new loan-level pricing adjustments, according to a lender announcement. The adjustments apply to loans that are purchased on a flow basis with certain risk characteristics. The updated pricing applies to loans purchased on or after April 1, 2009.

The LOS Digest
An alliance between Wolters Kluwer Financial Services and MortgageDashboard enables MortgageDashboard users to generate standard and customized closing and initial disclosure documents, according to a press release. Avista Solutions announced the integration of its Avista Agile LOS with DocMagic. MortgageCreditLink has been integrated with OpenClose Solutions’ LOS, a press release said. Version 2 of 1003POWER has been released, an announcement last month from DNT Holdings LLC said.

Rates near record lows
Well-qualified borrowers can get mortgages at around 5 percent or even lower today, paying little, if any, in discount points.

Stop kicking yourself
Good luck and timing play a role in securing a low rate mortgage these days.

Refinance to clear decks after divorce
Refinancing is the best way for a woman to pay her ex the appropriate home equity stake, says Dr. Don Taylor.

Where’s my bailout?
Let me give you all the reasons why I deserve a bailout.

Institutional Musical Chairs
William H. Rogers Jr. was named president of SunTrust Banks Inc., a filing with the Securities and Exchange Commission said. Freddie Mac reported that Raymond G. Romano was named chief credit officer. Robert E. Cauley was appointed chairman of Bimini Capital Management Inc., an announcement said.

2 tales of 4.5 percent
Two readers contribute their thoughts on getting 4.5 percent rates for mortgages.

Subpar credit may mean lousy loan deal
A good FICO score is crucial to getting the best terms on a car loan, says Bankrate car columnist Terry Jackson.

Bank Acquisitions Funded by TARP
Wachovia Corp. shareholders have approved the acquisition of the company by Wells Fargo & Co., an announcement said. M&T Bank Corp. will acquire Provident Bankshares Corp., a news release said. Wintrust Financial Corp. said that it acquired some of the assets of Professional Mortgage Partners. Wells, M&T and Wintrust have each announced participation in the Troubled Asset Relief Program.

A good FICO score is crucial to getting the best terms on a car loan, says Bankrate car columnist Terry Jackson.

During the past 12 months, SurePoint Lending told MortgageDaily.com that it has hired more than 300 people. The company originates primarily government loans. Next year, the company expects to hire another 300 employees.

Subpar credit may mean lousy loan deal
A good FICO score is crucial to getting the best terms on a car loan, says Bankrate car columnist Terry Jackson.

Mortgage Employee Terminated Over Pregnancy
An order has been issued against Fidelity Mortgage Services Inc. by the Pennsylvania Human Relations Commission, the state announced. Fidelity is accused of terminating a former employee because she disclosed that she was pregnant. The order includes an award to the former employee as well as the requirement that Fidelity end its discriminatory practices.

The CPP Express
The U.S. Department of the Treasury announced that $1.9 billion in capital purchase program funds was invested in 43 banks this week. Another $2.8 billion was invested in 49 banks last week, the Treasury said. So far, $162 billion has been invested under the program — which is part of the $700 billion Troubled Asset Relief Program.

Son wants to saddle dad with bad loan
A son has reason to fear becoming the target of his father’s lawsuit, says Bankrate car columnist Terry Jackson.

Never roll negative equity into new car
Free markets are great, but one bad loan product deserves to be banned, says Bankrate car columnist Terry Jackson.

Look at your own needs, not what others are saving, says Dr. Don.

Bank Acquisitions Funded by TARP
Wachovia Corp. shareholders have approved the acquisition of the company by Wells Fargo & Co., an announcement said. M&T Bank Corp. will acquire Provident Bankshares Corp., a news release said. Wintrust Financial Corp. said that it acquired some of the assets of Professional Mortgage Partners. Wells, M&T and Wintrust have each announced participation in the Troubled Asset Relief Program.

Mortgage Employee Terminated Over Pregnancy
An order has been issued against Fidelity Mortgage Services Inc. by the Pennsylvania Human Relations Commission, the state announced. Fidelity is accused of terminating a former employee because she disclosed that she was pregnant. The order includes an award to the former employee as well as the requirement that Fidelity end its discriminatory practices.

$50 is enough to start retirement fund
A little savings is just enough to start funding a retirement kitty, says Dr. Don Taylor.

How often you can transfer retirement accounts depends on the type of transfer, says CPA George Saenz.

Can dead puppies be a business loss?
When your business assets include animals that were bred, their cost cannot be written off if they die, says CPA George Saenz.

With the U.S. government promising a total of $17.4 billion to General Motors and Chrysler, U.S. Treasury Secretary Henry Paulson has officially requested the second half of the $700 billion TARP funds from the U.S. Congress. The move comes despite a…(read more)

MBA Mortgage Applications Jump in Week Ending December 19
Weekly mortgage applications in the United States rose in the week ending Dec. 19, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 48.0% week-over-week increase in applications. In the previous…(read more)

Commercial Real Estate Market Investment on Hold as Bank Lending Dries Up
Investments in commercial real estate in the U.S. have all but stalled as bank lending for commercial real estate has dried up, according to the National Association of Realtors ( NAR ). "Although access to residential mortgages has improved, the…(read more)

Slow down and enjoy the holidays with these family friendly holiday activities.

Freddie Purchases, Portfolio Higher
November purchases and issuances were $8 billion higher than in October, Freddie Mac reported. The secondary lender said its total mortgage portfolio was up around $5 billion from the end of October to the end of November. Freddie’s retained portfolio was $42 billion higher in November.

Rates near record lows
Well-qualified borrowers can get mortgages at around 5 percent or even lower today, paying little, if any, in discount points.

Mortgage Compliance Issues Solved
Servicers can access information on statutes and case law about lending and foreclosures through a new portal from National Loan Auditors, a press release said. Interlinq E3 has been completely integrated with Compliance EAGLE, Harland Financial Solutions said in a press release. A similar alliance was announced last week between Wolters Kluwer Financial Services and MortgageDashboard.

Stop kicking yourself
Good luck and timing play a role in securing a low rate mortgage these days.

Rates are really low
The Fed rate cut yesterday resulted in low mortgage rates this morning.

Cost-of-living differences are not the only factors to weigh when considering where to relocate.

Drivers won’t trade extras for fuel
Fuel-sipping cars that skimp on extras won’t capture a driver’s heart, says Bankrate car columnist Terry Jackson.

Cut holiday costs this season
Trim your gift-giving, yuletide travel and holiday party planning with these tips from Bankrate.

6 common car-shopping mistakes
Avoiding these six mistakes will keep you out of car-buying trouble, says Bankrate car columnist Terry Jackson.

9 ways to stretch your holiday budget
Wrap up your holiday spending without overspending.

Commercial Real Estate Market Investment on Hold as Bank Lending Dries Up
Investments in commercial real estate in the U.S. have all but stalled as bank lending for commercial real estate has dried up, according to the National Association of Realtors ( NAR ). "Although access to residential mortgages has improved, the…(read more)

No conspiracy behind dealer pricing
Supply and demand dictates pricing at two Florida dealerships, says Bankrate car columnist Terry Jackson.

MBA Reports Commercial/Multifamily Mortgage Debt Drops in Q3
Mortgage debt in commercial/multifamily dwellings dropped 0.1% in the third quarter to 3.44 trillion, according to a Mortgage Bankers Association (MBA)examination of the Federal Reserve Board Flow of Funds data. Commercial/multifamily mortgage outstanding…(read more)

Treasury Secretary Asks Congress for Second Half of TARP
With the U.S. government promising a total of $17.4 billion to General Motors and Chrysler, U.S. Treasury Secretary Henry Paulson has officially requested the second half of the $700 billion TARP funds from the U.S. Congress. The move comes despite a…(read more)

The Fed rate cut yesterday resulted in low mortgage rates this morning.

Hard to guess rate direction
Rates are up and down, so it pays to shop around before settling on a mortgage.

Lawyers Call Modification Efforts a Failure
Voluntary modification programs have so far failed, according to newly updated research released Thursday by the National Association of Consumer Bankruptcy Attorneys. Many modifications offer only temporary relief. Data reported by the industry include modifications that defer payment shock negative amortization. The structure of mortgage securitizations creates multiple owners that make voluntary modification impossible, the report said. In addition, the threat of investor lawsuits hinder a servicer’s motivation to modify.