Latest News in Homes, Mortgages and Loans - Nov 2, 2007

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No Ombudsman in American Home Bankruptcy
Forbes - I think there are open issues that have not been addressed,” said Rush, who is suing American Home in federal court in Maryland for allegedly fraudulent loan practices. American Home is expected to close the sale of its mortgage servicing business to …
Publ.Date : Wed, 31 Oct 2007 22:40:00 GMT

Ahead of the Bell: Mortgage Applications
Boston Globe - WASHINGTON — Investors trying to gauge the impact of the housing market’s slump on mortgage applications will watch Wednesday for industry data on loan volumes. The Mortgage Bankers Association reports its weekly index of home-loan application …
Publ.Date : Wed, 31 Oct 2007 11:34:00 GMT

New York Sues Firm for Rigging Home Appraisals
NPR News - He says the appraiser colluded with Washington Mutual, one of the largest savings and loan companies, to inflate home values. According to Cuomo, the practice is widespread and has contributed to the subprime mortgage crisis. Damaging to Investors …
Publ.Date : Thu, 01 Nov 2007 22:39:00 GMT

WaMu disappointed by NY AG's blame for mortgage crisis
Seattle Post Intelligencer - SEATTLE — Washington Mutual says it’s surprised and disappointed by New York Attorney General Andrew Cuomo’s blaming it for contributing to the subprime mortgage crisis. He said the Seattle-based savings and loan pressured appraisers to inflate home …
Publ.Date : Thu, 01 Nov 2007 20:23:00 GMT

First American Home Appraisal Unit Sued by New York (Update7)
Bloomberg - States including California, Colorado, Ohio, and Connecticut have been investigating the mortgage industry as foreclosures rise nationwide. A borrower who gets a home loan based on an inflated appraisal and falls behind on payments would have …
Publ.Date : Thu, 01 Nov 2007 20:51:00 GMT

Defense rests case in Shieldsâ€™ mortgage fraud trial
Kansas City Star - Prosecutors allege that the proposed sale of the coupleâ€™s Kansas City home last November was part of a mortgage fraud scheme … Zwego would have pocketed much of the inflated price, leaving the mortgage company holding a loan on a house worth much …
Publ.Date : Thu, 01 Nov 2007 19:47:00 GMT

U.S. Home Foreclosures Doubled in the Third Quarter (Update3)
Bloomberg - … areas declined for an eighth straight month in August, according to the S&P/Case-Shiller home-price index, and lenders have tightened mortgage … through the process, and every major servicer has a dedicated group that does nothing but loan …
Publ.Date : Thu, 01 Nov 2007 19:40:00 GMT

U.S. Tosses Lifeline to Lenders Using Home Loan Banks (Update1)
Bloomberg - Calabasas, California-based Countrywide, the largest U.S. mortgage lender, almost doubled borrowings from the Federal Home Loan Bank of Atlanta to $51 billion during the quarter, the company said in a statement last week. Countrywide …
Publ.Date : Tue, 30 Oct 2007 00:58:00 GMT

GMAC, Radian Post Losses as U.S. Home Slump Deepens (Update1)
Bloomberg - Home Slump Deepens (Update1) By Hugh Son Nov. 1 (Bloomberg) — GMAC LLC and Radian Group … Washington Mutual Inc., the largest U.S. savings and loan, fell 7.6 percent. Countrywide Financial Corp., the biggest U.S. mortgage lender, lost 7 percent.
Publ.Date : Thu, 01 Nov 2007 23:00:00 GMT

Washington Mutual Shows Mortgage Mess Isn't Over: Jonathan Weil
Bloomberg - Oct. 31 (Bloomberg) — If you think the worst is over for mortgage lenders, a close look at Washington Mutual Inc.’s balance sheet should dispel that notion pretty quickly. The largest U.S. savings and loan stunned investors on Oct. 17 when it said …
Publ.Date : Wed, 31 Oct 2007 07:45:00 GMT

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