Life insurance player Tata AIG and public sector Allahabad Bank joined hands Wednesday to provide mortgage insurance facilities to the bank's housing loan customers. Announcing this here, Allahabad Bank executive director J.P. Dua said, "We recognise the need to offer our customers the best of products and services beyond core banking. The tie-up for mortgage insurance is a significant step in that direction."

via newkerala.com

Australian Finance Group, which accounts for 10 per cent of the national market, with a mortgage book in excess of $50billion, yesterday declared a"mortgage recession" following two successive quarters of falling sales.
Last month, AFG sold 5939 mortgages, an 11 per cent drop from May when it sold 6691, and 17 per cent down from April, when 7125 sales were made. In June last year, it recorded 8195 sales.

via theaustralian.news.com.au

CIT Group announced on Monday that it was selling both its home lending business and its manufactured-housing division. The lending business which has total assets of $9.3 billion as well as servicing operations will go to Lone Star Funds for $1.5 billion. In addition, Lone Star will assume $4.4 billion in CIT Group debt. Vanderbilt Mortgage & Finance, Inc. will acquire CIT's manufactured housing portfolio for about $300 million.

via mortgagenewsdaily.com

Legal & General's latest mortgage index shows that consumers are still choosing fixed-rate mortgages despite the cost of doing so rising. Its research shows that three-quarters of mortgages were fixed rates in the second quarter of 2008, up from 57% in Q1. The average two-year fixed rate now stands at 6.51%, up from 5.87% last quarter, with three-year fixes up from 5.84% to 6.99%. The average five-year fixed-rate mortgage now stands at 6.34%, up from 5.82%.

via yourmortgage.co.uk

According to research by GE Money, 29% of borrowers would not know who they should speak to if they experienced financial difficulties and mounting mortgage arrears. Additionally, while over half claimed they would speak to their lender in such instances, one in seven claimed they would prefer to seek help from an independent source.

via yourmortgage.co.uk

Mortgage industry and business groups are urging lawmakers to drop pieces of a housing bill they say would be too restrictive on lenders. Six trade groups on Tuesday told lawmakers shepherding a comprehensive package of housing legislation through Congress that the bill would impose too-strict standards on lenders, requiring them to determine what kind of loan is best for each borrower.

via money.cnn.com

Chase has opened its first mortgage office in Bellingham. The residential housing lender opened last month at 1616 Cornwall Ave., Suite 119. Christy Austin, hired to manage the office, has more than 20 years of mortgage industry experience. She can be reached at 650-1616. Chase offers a variety of mortgage products through its Bellingham office, from the first-time homebuyer to jumbo mortgages and home equity loans. The office is open from 8 a.m. to 5 p.m. Monday through Friday.

via bellinghamherald.com

Comparison site Moneysupermarket has expressed affordability fears as lenders start to refuse the option to add fees to 95% loan-to-value (LTV) mortgages. Abbey recently announced that the total booking fee can no longer be added on to its 95% range, meaning borrowers must pay these additional costs upfront. Louise Cuming, head of mortgages at Moneysupermarket, said: “I suspect the Abbey decision has been driven by decreasing house values.

via yourmortgage.co.uk

When Lehman Brothers reported a stunning $2.8 billion loss Monday, it was just the latest sign that bad mortgage loans continue to be a problem for the financial markets and the economy. But subprime mortgages could only be the beginning. Many economists and market experts are worried that other problems are lurking that could cause a new credit crisis for consumers and businesses.

via money.cnn.com

Although home prices have fallen 9 percent from their peak, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., as federally backed companies, are obligated to help expand the availability of mortgages. Freddie Mac and Fannie Mae don't offer loans directly, but set market conditions by doing business with lenders. Loans are still available that cover the home and transaction costs.

via stockhouse.com

NSW Fair Trading Minister Linda Burney said she had written to the Australian Securities and Investment Commission (ASIC). "I have also written to the chairman of ASIC advising him of my concerns and requesting that Beechwood Homes collapse be subject of a thorough investigation by his agency," Ms Burney told NSW parliament today. "Around 350 families with houses under construction in Sydney, the Hunter and south coast are affected and I'm advised a further 580 people have paid Beechwood to draw up plans.

via news.com.au

Never before have so many Canadians owned homes. And never before have they owed so much for the privilege.
Interest rates at or near historical lows combined with low unemployment and recent changes that allow people to buy houses with less money down and pay off mortgages over longer periods resulted in 68.4 per cent of Canadians in the housing market in 2006. That's up from 65.8 per cent in 2001 and 60 per cent in 1971, according to the latest Statistics Canada data.

via globeinvestor.com

Mortgages for Business, a specialist buy-to-let broker, has said lenders are increasingly requiring investors to put down deposits of 20-30%, compared to the norm of 15% over the past three years. Such low requirements encouraged many smaller portfolio investors into the market, according to Mortgages for Business, but the credit crunch has forced mortgage lenders to reconsider their exposure to risk.

via yourmortgage.co.uk

As of Thursday, there were 21,300 homes on the market, writes newspaper VG. That's 42 percent more than the same time last year, and nearly double the number of homes offered in late May 2006. This is traditionally a busy season for home sales, as many sellers try to unload their properties before the summer holidays begin. Many also want to move when school lets out. Nonetheless, "we've never had more used homes for sale than now," said Lars Vangen Jordet, managing director of Finn Eiendom.

via aftenposten.no

Some 21.73 per cent of so-called 'nonconforming' deals saw missed payments in the first three months of 2008.
This is up from 19.41 per cent in the final quarter of 2007, according to research from rating agency Standard and Poor's. Furthermore, 10.6 per cent of subprime mortgage deals have seen arrears of 90 days or more. The figures also highlight that more than £7bn worth of loans are at risk of default unless lenders agree to modify the loan terms.

via myfinances.co.uk