MMag Mortgage Lending November 15, 2007

• Will New Law Eliminate Mortgage Brokers?
The Mortgage Reform and Anti-Predatory Lending Act of 2007 or H.R. 3915 was developed to address the current mortgage crisis and protect borrowers from lending abuses that can lead to foreclosure -- Originator Times,, 11/14/2007

• AG delays tougher rules on mortgages
Attorney General Martha Coakley postponed new regulations designed to end abusive practices by mortgage brokers after mortgage industry officials complained they were too broad. -- Globe Staff /,Kimberly Blanton, 11/14/2007

• Realtors(R) Convene in Record Numbers, Aim to Improve Market Confidence
Pat V. Combs, president of the National Association of Realtors, today urged Realtors to help restore confidence in the real estate market by educating the public about the value of housing as a good long-term investment. With the market`s positive economic fundamentals, 2007 is turning out to be one of strongest years on record, she said. -- National Association of Realtors,David Greer,Las Vegas NV 11/14/2007

• News Alert for: Fannie Mae
-- Fannie Mae,,Washington DC 11/14/2007

• Deloitte Research Leading Index Rises; Volatility Creates Continued Uncertainty About Consumer Spending
The Deloitte Research Leading Index of Consumer Spending rose this month due to improvements in several components. -- Deloitte,Laura E. Wilker,New York NY 11/14/2007

• Modest Recovery for Existing-Home Sales in 2008 as Credit Crunch Subsides
A modest recovery for existing-home sales is expected in 2008 as the impact of the credit crunch subsides, while pending home sales indicate near-term stability, according to the latest forecast released here today at the National Association of Realtors Conference & Expo. -- National Association of Realtors,Walter Molony of,Las Vegas NV 11/14/2007

• VA Mortgage Center.com Holds Contest to Honor Veterans
VA Mortgage Center.com has launched a contest for honoring veterans who served in Iraq and Afghanistan. The American Hero Award, which comes with a prize of $5,000, will be awarded to the veteran who receives the most votes on the company`s website. -- VA Mortgage Center.com,Katherine Renick,Columbia MO 11/14/2007

• HSBC to take $3.4 billion charge over U.S. losses
No CDO hit at London-headquartered bank, now worth more than Citigroup -- MarketWatch,Steve Goldstein,London 11/14/2007

• Intellidyn Announces Strategic Alliance with TNS, a World Leader in Market Insight and Information TNS to launch new global Customer Intelligence Consulting practice
Intellidyn Corporation (www.intellidyn.com), an award-winning provider of direct response marketing and multi-channel database marketing solutions for ROI-based acquisition and retention strategies today announced that it has entered into a strategic alliance with TNS, a world leader in market insight and information. -- Intellidyn,Grace Dunklee Cohen,Boston MA 11/13/2007

• Bank of America sees $3 bln in CDO mark-downs
By Last Update: 11:29 AM ET Nov 13, 2007Print Subscribe to RSS Disable Live Quotes Bank of America Corp. (BAC:bank of america corporation com News, chart, profile, more Last: 46.28+2.30+5.23% 3:48pm 11/13/2007 Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: BAC 46.28, +2.30, +5.2%) Tuesday said it`s currently estimating a $3 billion pretax charge in the fourth quarter to mark down collateralized debt obligations, or CDOs -- MarketWatch,John Spence,Boston MA 11/13/2007

• Those Predicting Mortgage Rates Based on The Fed`s Rate Adjustments May Be in For Unpleasant Surprises
Misconceptions about mortgage rates` driving forces can cost borrowers huge sums -- Mortgage Market Guide,Rosalie Berg,Holmdel NJ 11/12/2007

• MBA Calls for Improved Transparency and Accountability for Residential Mortgage Brokers
The Mortgage Bankers Association`s Residential Board of Governors (RESBOG) today approved a resolution calling for more transparency and accountability, as well as increased net worth and bonding requirements for residential mortgage brokers. -- MBA,John Mechem,Washington DC 11/12/2007

• Alain Valles has been installed as president of the Massachusetts Mortgage Association
Alain Valles, a resident of Hanover, MA and president of Direct Finance Corporation, an independent provider of mortgages and reverse mortgages with offices in six states, has been installed as president of the Massachusetts Mortgage Association, a statewide organization of mortgage brokers. Valles will serve a one-year term as president of the Association. -- DIRECT FINANCE,Bill McDonough,Hanover MA 11/12/2007

• Mortgage Credit News - November 9, 2007
Despite a continuing decline in the 10-year T-note to the 4.20s, mortgages are stuck near 6.25%. That extraordinary spread is due in part to the poisonous status of mortgages; the rest is an aspect of leadership failure in this credit crisis. -- Boulder West,Lou Barnes,Boulder CO 11/12/2007

• SUB-PRIME RESPONSE HITS CONSUMERS with good credit
Cambridge offers advice to first-time homebuyers -- Cambridge Credit Counseling Corp.,,Agawam MA 11/12/2007

• ICBA Expresses Concerns as House Marks Up Mortgage Bill
The Independent Community Bankers of America (ICBA) thanked House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) for the bipartisan effort to reform the mortgage origination process to protect consumers through the Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915), but expressed concern that the bill could harm community banks, their customers and their communities and offered suggestions for improvements as the committee began its markup of the legislation. -- Independent Community Bankers of Am,Karen Tyson,Washington DC 11/07/2007

• ROBYN CUNNINGHAM OF LOVE FUNDING`S ST. LOUIS OFFICE SECURES $3,655,000 FOR THREE PROPERTIES IN MISSOURI
National mortgage-banking firm Love Funding today announced that its St. Louis office closed loans totaling $3,655,000 for two multifamily complexes and one healthcare facility in Missouri. Robyn Cunningham, vice president of Love Funding`s St. Louis office, originated the transactions. -- Love Funding,Julie Hauser/,St. Louis MO 11/07/2007

• Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 2, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 670.6, a decrease of 1.6 percent on a seasonally adjusted basis from 681.7 one week earlier. On an unadjusted basis, the Index decreased 2.4 percent compared with the previous week and was up 8 percent compared with the same week one year earlier. -- MBA,John Mechem,Washington DC 11/07/2007

• MBA Concerned About Anti-Predatory Lending Legislation
Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today expressed concerns about H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007. The bill was marked up today in the House Financial Services Committee and passed the Committee by a vote of 45-19. -- MBA,John Mechem,Washington DC 11/07/2007

• Study Finds Growing Concerns Among Small Business Owners When it Comes to Fraud and Their Businesses
SunTrust and NSBA Foil Fraud survey reveals that business owners in the Southeast look to banks and financial institutions for guidance -- SunTrust Banks, Inc.,Hugh Suhr,Atlanta GA 11/06/2007

• Perimeter eSecurity Recognized by Deloitte & Touche, Inc. Magazine, and Positioned In Leading Analyst Firm s Magic Quadrant
Leading Provider of Security Software-as-a-Service Shows 331% Percent Revenue Growth Rate for the last 5 years -- Perimeter eSecurity,thy Clarke,Milford CT 11/06/2007

• Citizens Home Loan to Approve Mortgage Applicants Using Alternative Credit Histories
Lender to fund loans for applicants with little or no "traditional" credit histories, but who can show an on-time payment history with a PRBC Report(SM) -- Citizens Home Loan,Scott Hastings,Charlotte NC 11/06/2007

• Nehemiah Corporation of America Comments on Preliminary Injunction Barring HUD from Banning Private Downpayment Assistance
The following statement is in response to the United States District Court for the District of Columbia issuance of a preliminary injunction barring the U.S. Department of Housing and Urban Development (HUD) from enforcing the "Standards for Mortgagor`s Investment in Mortgaged Property" regulation published October 1, 2007. -- Nehemiah Corporation of America,Emily Porro,Sacramento CA 11/05/2007

• Senior Financial, Inc. Closes Liberty Reverse Mortgage, Inc. Acquisition
Senior Financial, Inc., a wholly owned venture investment subsidiary of Genworth Financial, Inc. (NYSE:GNW) announced today that it has completed its previously announced acquisition of Liberty Reverse Mortgage, Inc., headquartered in Rancho Cordova, California. Liberty is an independent reverse mortgage lender. -- Genworth Financial, Inc.,Tom Topinka,Richmond VA 11/05/2007

• Fraud Index Jumps
Activity on civil and criminal mortgage fraud cases deteriorated during November -- though the dollar amount eased, according to the FraudBlogger Index published and maintained by http://www.mortgagedaily.com/ -- a dominant source of online news for the mortgage industry. -- MortgageDaily.com,Shaun Bartlett,Dallas TX 11/05/2007

• BB&T completes acquisition of Collateral Real Estate Capital
Laureate Capital-Collateral renamed as Grandbridge Real Estate Capital LLC -- BB&T Corporation,Thomas S. Dennard,Winston-salem NC 11/05/2007

• New Yorkers Call on Governor Spitzer to Stem Statewide Foreclosure Crisis
New Yorkers for Responsible Lending Coalition Calls on Governor to Create Loan Remediation Fund for Homeowners Facing Foreclosure -- AARP,Sarah Ludwig,Albany NY 11/05/2007

• Express Debt Settlement expands debt settlement services in Tampa, Florida
Express Debt Settlement recently announced the establishment of a new branch in the Tampa, FL area. The company currently offers their entire back-end infrastructure to seasoned sales professionals looking to enter into an ever growing industry. By utilizing the components that Express Debt Settlement has put together, an opportunist is able to make a positive impact on society while achieving a positive cash flow in only several months. -- Express Debt Settlement,Lenny Beir,Coral Springs FL 11/05/2007

• Chairman Bernanke Meets With Rev. Jesse Jackson, Sr. and John Taylor to Discuss Foreclosure Prevention
FED Expects to Release New Mortgage Lending Guidelines in December -- National Community Reinvestment Coa,Kevin Cowl,Washington DC 11/05/2007

• HUD Defeated by Penobscot Indian Nation over Nationwide Down Payment Program
Tribe Continues To Give Nationwide Down Payment Grants To All American Homebuyers -- Chris Russell,Chris Russell,Indian Island MN 11/05/2007

• CAMBRIDGE PROVIDES $5.5 MILLION INSURED LOAN TO REFINANCE RIDGEVIEW NURSING CENTER IN CHICAGO
Cambridge Realty Capital Companies has provided a $5.5 million FHA-insured permanent mortgage loan to refinance the Ridgeview Rehabilitation and Nursing Center, a 136-bed skilled care nursing facility in Chicago, IL. -- Cambridge Realty Capital Companies,Evan Washington,New York NY 11/05/2007

• News Alert for: Fannie Mae
-- Fannie Mae,,Washington DC 11/05/2007

• News Alert for: Freddie Mac
-- Freddie Mac,,Mcclean VA 11/05/2007

• ICBA Launches National Community Bank Mortgage Week
Community Banks Help Provide Solutions to Mortgage Problems -- Independent Community Bankers of Am,Karen Tyson,,Washington DC 11/05/2007

• Equifax Equips Financial Institutions with Valuable `ARM` Mortgage Predictor
Equifax Inc. (NYSE:EFX) has launched a new solution to help financial institutions determine the likelihood that a consumer has an adjustable rate mortgage (ARM). With about two million loans expected to reset over the next 18 months, Equifax`s ARM Predictor(SM) gives lenders the information they need to further refine their portfolio risk management and account acquisition campaign strategies. -- Equifax Inc.,David Rubinger,Atlanta GA 11/05/2007

• Treasurer Wiessmann Encourages Lawmakers to Adopt Mortgage Disclosure Improvements
Applauds Statewide Foreclosure Prevention Initiatives -- Carrie Fischer Lepore,Pennsylvania Treasury Department,Harrisburg PA 11/05/2007

• NAMB Introduces Lending Integrity Seal of Approval
New Tool Helps Consumers Identify Those Meeting Highest Ethical Lending Standards -- The National Association of Mortgag,Jodi Greenblatt,Las Vegas NV 11/05/2007

• Mortgage Credit News - November 2, 2007
Mortgage rates are about the same as they have been, 6.25% for basic conforming. -- BouldreWest,Lou Barnes,Boulder CO 11/05/2007

• Mishkin: Fed helping Main Street, not Wall Street
The Federal Reserve`s two rate cuts were designed to reduce economic risk and not to reduce the risk that investors will lose money from bad decisions they`ve made, Fed Gov. Frederic Mishkin said Monday. -- MarketWatch,Rex Nutting,Washington 11/05/2007

• Tubbs Jones Applauds Introduction of Comprehensive Mortgage Loan, Anti-Predatory Lending Legislation
Today, Congresswoman Stephanie Tubbs Jones expressed her support for the Mortgage Reform and Anti-Predatory Lending Act of 2007. The bill seeks to reform mortgage practices in three areas. First, the bill will establish a federal duty of care, prohibit steering, and call for licensing and registration of mortgage originators, including brokers and bank loan officers. -- Office of Congresswoman Stephanie T,Nicole Y. Williams,Washington DC 11/01/2007

• Refinance Applications Drive Increase in Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 26, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 681.7, an increase of 3.8 percent on a seasonally adjusted basis from 656.5 one week earlier. On an unadjusted basis, the Index increased 3.6 percent compared with the previous week and was up 19.5 percent compared with the same week one year earlier. -- MBA,John Mechem,Washington DC 11/01/2007

• California Wildfires Take Toll on Those Purchasing, Refinancing
The California wildfires burned thousands of acres of land and destroyed over 2,700 homes and structures. Many people affected by those fires were in the process of purchasing or refinancing. This stressful situation has left many families unsure of what to do, even if the home has not been damaged. Knowing what to do now can make a world of difference later. -- NewsWorthy,Cher Murphy,Encinitas CA 11/01/2007

• Fed cuts by quarter-point, says that may be enough
The Federal Reserve gave the economy its second anti-recession shot in six weeks on Wednesday, cutting short-term interest rates by a quarter-point, but signaled that it wants to hold off doling out any more medicine. -- MarketWatch,Rex Nutting,Washington 11/01/2007

• U.S. Oct consumer confidence lowest in two years
U.S. consumer confidence continued to slide in October, the Conference Board said Tuesday, hitting its lowest level since October 2005 after Hurricane Katrina hit -- MarketWatch,Ruth Mantell,Washington 10/30/2007