Congressmen ask for more funds for Fannie regulator

House Financial Services Chairman Michael G. Oxley (R-Ohio) and Ranking Minority Member Barney Frank (D-Mass.) have urged Congress to support higher 2005 funding levels for the federal regulator in charge of overseeing mortgage corporations Freddie Mac and Fannie Mae.

In a letter to the House Appropriations Committee, the Congressmen asked for $59.2 million for the Office of Federal Housing Enterprise Oversight for 2005. OFHEO's funding level was $39.9 million in 2004.  more...

Homeowners urge real estate antitrust crackdown

The American Homeowners Grassroots Alliance (AHGA), a national advocacy organization representing the nation's 70 million homeowners, has recommended an aggressive agenda to the Antitrust Modernization Commission that suggests ways to improve antitrust and consumer protection laws.

Congress created the Antitrust Modernization Commission in 2002 to examine whether the need exists to modernize the antitrust laws, to identify and st  more...

FTC seeks cooperation in identity-theft fight

The Federal Trade Commission today said that newly implemented provisions of the Fair and Accurate Credit Transactions Act and cooperative efforts of the FTC, other law enforcement agencies and the private sector can help reduce identity theft and help victims recover.

In testimony before the Subcommittee on Commerce, Trade, and Consumer Protection of the House Committee on Energy and Commerce, Commissioner Thomas B.  more...

Cendant to buy Orbitz for $1 billion

Real estate heavyweight Cendant Corp. confirmed today that it will purchase online travel site Orbitz for $1.25 billion in cash, or about $27.50 per share. The acquisition of Orbitz places Cendant among leading domestic online travel businesses.

Orbitz was founded by the top five air carriers: American, United, Delta, Northwest and Continental, and each still holds a stake in the online travel company.  more...

Real estate agent lists L.A. home for $1

A Southern California real estate agent has a different approach to pricing homes to sell. Brock Harris, founder of Brock Real Estate in the Silver Lake region of Los Angeles, has listed a three-bedroom, one-bathroom craftsman bungalow home in the Echo Park area for $1.

"Right now, the real estate market is getting more crowded with agents. It's slowing down," Harris said.  more...

Real estate refinancings hit 5-month high

Applications for mortgage refinancings swelled to a five-month high last week, as overall mortgage applications climbed 4.9 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey.

The seasonally adjusted refinance index increased by 7.7 percent to 2,211.1 from 2,052.5 one week earlier, and is now at the highest level since the week of April 21, 2004. The MBA seasonally adjusted purchase index increased by 2.7 percent to 469.1 from 456.6 the previous week.  more...

Overnight mortgage rates flat

Long-term mortgage interest rates were steady Tuesday, and the benchmark 10-year Treasury bond yield rose to 4 percent.

The 30-year fixed-rate average remained at 5.28 percent, and the 15-year fixed-rate dipped slightly to 4.7 percent. The 1-year adjustable was unchanged at 3.21 percent.

The 30-year Treasury bond yield increased to 4.8 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...