mortgages: Racially administered mortgages? - 04/06/08 12:54 PM
Daily Real Estate News  |  March 28, 2008Mortgages Tailored to Islamic Home BuyersA few years ago, an Islamic home buyer would have found it almost impossible to get a mortgage compliant with Islam's sharia law, which prevents the faithful from paying interest. Today, sharia-compliant loans are a growing market. In a report last month, credit-rating agency Moody's Investors Service said the global Islamic finance market has increased about 15 percent in each of the past three years and is now worth about $700 billion worldwide. All the largest lenders, including Citigroup, HSBC, and Deutsche Bank, have affiliates devoted to Islamic finance.An Islamic mortgage … (0 comments)

mortgages: Countrywide - 03/30/08 08:52 AM
Daily Real Estate News  |  March 26, 2008Countrywide's Former CEO Takes New JobThe former president of Countrywide Financial Corp., the nation's largest mortgage lender, is the new chairman and CEO of a company that plans to acquire and restructure distressed mortgages.Stanford Kurland will head Private National Mortgage Acceptance Co. LLC, also known as PennyMac. The company was established to help borrowers restructure loans in order to avoid foreclosure."We'll look to restructure mortgages and as soon as the loans are performing, we'll look to resell," Kurland said. "Other properties that may take longer, we're prepared to hold for five to seven years."Analysts recognized the … (2 comments)

mortgages: Refi's - 03/30/08 08:50 AM
Daily Real Estate News  |  March 26, 2008Refinancing Boosts Mortgage ApplicationsBorrowers hoping to refinance their home mortgages pushed mortgage applications up 50 percent last week, according to the Mortgage Bankers Association's weekly survey.The index rose 48.1 percent to a seasonally adjusted 965.9 last week compared to the previous week. On an unadjusted basis, the index increased 46.1 percent and was up 41.1 percent compared with the same week a year ago.The refinance index rose 82.2 percent to 4255.2 from 2335.2 the previous week, while the purchase index increased only 10.6 percent. In all, the refinance share of mortgage activity increased to 62 percent … (1 comments)

mortgages: mortgage refinancing - 03/29/08 04:28 AM
Daily Real Estate News  |  March 25, 2008Second Mortgage Borrowers StruggleHome owners with both first and second mortgages are finding it increasingly difficult to refinance. Some of the nation's largest lenders, including National City, that hold a second lien on a property are refusing to sign off on requests to refinance the first note.National City in an internal memo on Feb. 18 said it was no longer approving such requests nationwide when the first mortgage is with another firm.Nancy Gusman, a real estate lawyer in suburban Washington, D.C., says she is seeing lender roadblocks "every day now, and it's so counterproductive. All the … (0 comments)


J Manno

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