More than a year after Parliament's approval of the mortgage law, authorities finally began to take steps concerning the so-called �secondary market,� which is the actual component of the mortgage system. Secondary mortgage market is the place where primary mortgage lenders sell the mortgages they make to obtain more funds to finance more new loans. It provides liquidity for the lenders.

via turkishdailynews.com.tr

Current UK economic problems should prompt homeowners to review their insurance, according to protection specialist LifeSearch. Income protection could help homeowners protect their ability to make repayments on their mortgage and any other loans. However, given the complexity of the product and the market, LifeSearch has compiled 10 tips for those choosing a policy. First of all, the firm warned homeowners not to confuse income protection with mortgage payment protection (also known as Accident Sickness and Unemployment) insurance.

via yourmortgage.co.uk

Homes in the city could be bulldozed and houses built in greenfield areas to ensure Norwich has enough places for people to live in the next two decades. That was the stark warning today from the leader of Norwich City Council, who said the existing brown and green field sites designated for housing within the city council area will yield fewer than 10,000 new homes over the next 20 years. The Government has already said 35,000 new homes must be built in and around Norwich by 2025 and Mr Morphew said action needs to be taken now, both to ensure the target is met and also because if a halt was called on building homes then house prices would be pushed up as demand outstripped supply.

via eveningnews24.co.uk

Theodore Hazlett doesn't expect to lose his condominium, despite the notice on his front door announcing an impending sheriff's sale. "This will all be worked out through title insurance," Hazlett said Monday at his home at The Hunt Club at Grandview Estates in the Gibsonia section of West Deer. Along with about three dozen other residents, Hazlett faces the prospect of losing his condo because the developer who built it is in debt to National City Bank and a Murrysville landscaping company. National City last week forced a foreclosure of the Hunt Club property in an effort to collect about $2.6 million owed by Links Development Co. of Export in Westmoreland County.

via pittsburghlive.com

Research from Saga Home Insurance reveals there are 42% more theft claims during British Summer Time than there are during the winter months. With this in mind, the home insurance provider is warning consumers to be extra vigilant once the clocks go forward this weekend. Paul Green, head of group communications at Saga, said: “As the evenings become lighter after the clocks go forward, people can become less security conscious, which results in a higher rate of burglaries. “Lighter and warmer evenings often mean we spend more time outside and people leave windows open to let in the summer air.

via yourmortgage.co.uk

A new sales pitch, the �Happy Final Campaign,� is underway for newly finished flats at the Armina Houses project, constructed by Mimart Yapı in Istanbul's Bahçeşehir district. Mimart Yapı, which caters to homebuyers, launched the promotion to lure customers able to come up with only a modest deposit; the program enables them to own their own homes while paying a fairly low mortgage, just as if they were paying rent. Candidates are required to make a down payment, reducing the balance on a 90-square-meter home from YTL 172,000 ($140,000) to YTL 154,800 ($127,000), and that on a 120-square-meter home from YTL 220,000 ($180,000) to YTL 198,000 ($162,000).

via turkishdailynews.com.tr

One-in-four British homeowners do not have adequate home insurance, according to price comparison site Confused.
Figures from the site show insuring contents worth £40,000 could cost as little as £43.98 per year for a family of four, but shopping around is key to securing a good deal. Debra Williams, managing director of Confused, said that, although contents insurance is not legally required, it should be considered an absolute necessity by homeowners. “Many people decide against contents cover without considering the potential pit-falls involved,” she continued.

via yourmortgage.co.uk

Britain's biggest mortgage lender, HBOS Plc, posted a 3 percent rise in annual profit, just short of analysts' expectations, as margins in its core retail business were hit, sending its shares lower.

via boston.com

New York regulators are eager to consider splitting Financial Guaranty Insurance Co.'s core bond insurance businesses to protect municipal credit ratings against costly downgrades and stem troubles in the debt markets.

via chicagotribune.com

Wall Street finished higher in an uneasy session Monday as retail and homebuilders stocks rose on expectations for more interest rate cuts, but banks and insurers fell on worries about further mortgage debt troubles.

via topix.net

UK homes are becoming increasingly at risk from bad weather, with 11% of British homes being damaged in the last five years, according to Abbey Home Insurance.Read the rest of this entry »

via

Insurance premiums for home insurance have risen in the past three months, according to the latest figures from AA Insurance.Read the rest of this entry »

via

Bear Stearns Chief Executive James Cayne is resigning under pressure from shareholders upset over the firm's losses amid a slew of problems sparked by the collapse of mortgage markets, The Wall Street Journal reported Monday.Read the rest of this entry »

via

Struggling Cleveland homeowners are taking out payday loans when they fall short. Is it a quick source of cash or legalized loan sharking?At the East Side Organizing Project in Cleveland, six home owners recently went in for group foreclosure counseling.Read the rest of this entry »

via

What is PMI or Private Mortgage Insurance and is it Necessary?
Private Mortgage Insurance, or PMI, is a type of insurance that insures the lender in case the buyer defaults on the loan. The lender, or bank, requires PMI when the buyer has a down payment less than 20% of the asking price of the home. Private mortgage insurance has good and bad points, and there are ways to avoid paying it without putting down the required 20%.

Private Mortgage Insurance has it’s Good Points

The good point about PMI is that it lets one buy more of a house without having to save up the required 20%. Many Americans can now reach the American dream with popular 3-5% down programs. These programs are possible because of private mortgage insurance.......................

via allmortgagenews.com