News

New Law Makes Mortgage Insurance Deductible

President George W. Bush today signed into law new tax legislation allowing the deduction of mortgage insurance premiums on federal income tax returns. Under the new law, borrowers closing loans to purchase homes in 2007 who have an annual household income of $100,000 or less will be able to get a low-down-payment mortgage and deduct the full cost of their mortgage insurance premiums on their federal tax return.
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Apps Decrease as Mortgage Rates Rise

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 15. The Market Composite Index, a measure of mortgage loan application volume, was 647.6, a decrease of 10.2 percent on a seasonally adjusted basis from 721.2 one week earlier. On an unadjusted basis, the Index decreased 11.6 percent compared with the previous week and was up 13.9 percent compared with the same week one year earlier.
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NAR 'Concerned' Over Rapid Increase In Foreclosure Rates

The National Association of Realtors said it is concerned over the rising rate of defaults and foreclosures occurring in many areas around the country, and many realtors believe that some families don't understand the risks of taking out "exotic" mortgages. In a conference call yesterday with the Center for Responsible Lending and the Leadership Conference on Civil Rights, NAR President Pat Vredevoogd Combs urged consumers to make sure they understand the risks and rewards of all types of mortgages before they make a decision on a loan. She also advised consumers to consult with a realtor and to participate in mortgage education programs sponsored by realtors before they buy a home.
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CAMB: First Half of 2007 'Ideal' Time to Buy

The California Association of Mortgage Brokers (CAMB) today issued its annual Mortgage Forecast, projecting that interest rates will remain favorable in 2007 with the rates likely to remain within one percent of current low levels. As part of the forecast, the trade association recommended the first half of 2007 as the best time to get a good deal on a new or existing home.
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MERS Gets Win in New York

The New York Court of Appeals today unanimously ruled that the MERS mortgage is a valid method of transferring rights from the borrower to MERS. The Court affirmed the Appellate Division's decision that county clerks must record MERS mortgages, assignments and lien discharges as required by New York Real Property Law.
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Millennium Funding Group Acquired by Private Equity Investor

Roark Capital Group, an Atlanta-based private equity firm, announced today the acquisition of Millennium Funding Group by Ace Mortgage Funding, a Roark portfolio company. Millennium is a wholesale loan originator that currently funds over $1 billion of annual volume through a network of 4,000 approved brokers primarily located in the Western U.S. and Florida.
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Countrywide to Delist from NYSE Arca

Countrywide Financial Corporation today announced plans to withdraw the listing of its common stock from NYSE Arca, Inc., formerly the Pacific Exchange. Countrywide Financial Corporation's common stock will continue to be listed on the New York Stock Exchange.
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