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Wells Fargo & Co. has raised the credit requirements for people seeking some types of home loans, the company confirmed Friday.
The San Francisco-based bank will require higher credit scores for potential home buyers seeking loans that cover 95 percent or more of a home’s value. The bank didn’t give further details. […]

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An influential congressman is expected to offer a plan on Thursday that would provide federal backing to hundreds of thousands of home loans.
The proposal would significantly expand an effort already under way to refinance onerous subprime mortgages with loans that are guaranteed by the Federal Housing Administration. The plan by the congressman, Barney Frank, chairman […]

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The hard-pressed home lending market faces not just another interest rate rise but also another bout of higher funding costs after a warning yesterday that the credit ratings on a significant chunk of the Australian mortgage-backed bond market could be cut.
The decision by the credit agency Moody’s to review the investment ratings on up to […]

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Federal prosecutors on Monday announced the indictment of 31 people in connection with a mortgage fraud scheme involving at least 28 properties in South Florida and fraudulent loans totaling more than $14.2 million.
The loans ranged from about $145,000 to $891,000, according to the indictment.
Officials said the scheme included participants at every stage of the transactions, […]

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Citizens Advice has accused UK sub-prime lenders of knowingly giving mortgages to many poor borrowers who cannot afford them.
It says the lenders are “aggressive” with such borrowers when they fall behind with their repayments.
However, the Council of Mortgage Lenders (CML) said the report was “skewed” and “disproportionate”.
It said the charity’s attack on […]

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Wells Fargo & Company, the nation’s second-largest mortgage lender, after Countrywide Financial, said yesterday that it would take a $1.4 billion fourth-quarter charge for losses it anticipated in connection with home loans.
The bank said that it would continue to provide home equity financing directly to customers, but that it would not originate or acquire […]

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Back when the real estate market was flying at 30,000 feet, getting a home-equity line of credit was a pretty straightforward process. You called a toll-free number, asked for a loan, and within hours, a guy with a suitcase full of money showed up at your door.
It’s a lot harder now. Some lenders have stopped […]

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Mortgage brokers start to fashion alternative ways to get people into homes, thwart market meltdown
Double loans. Super piggy back. Seller carry backs. These are among the monikers being tossed around as mortgage agents seek to get a handle on the home loan debacle.
The housing meltdown and resulting credit crunch have unleashed new calamities on consumers, […]

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It takes surprisingly little effort to be licensed as a mortgage broker in Florida.
Would-be mortgage brokers in Florida need little more than a weekend course to qualify for a license. And loan officers, who originate loans for mortgage lenders and banks, need no license at all.
The job of a mortgage broker or loan officer is […]

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You’ve probably heard of the interest only loan for homeowners trying to stretch their dollar. Now, in California, the 50-year home mortgage is putting people in traditionally amortized loans for approximately the same monthly payment.
Some industry experts think the 50-year mortgage is reaction to the rising interest rates and the extremely high level of property […]

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