Report: lenders agree to five-year freeze on ARM loans

A coalition of lenders, loan servicers and investors have reportedly agreed to a plan that would freeze interest rates on some subprime mortgage loans for five years.

Borrowers with loans made between Jan. 1,  2005, through July 30 of this year who face interest rate resets between Jan.  more...

Wall Street firms queried in New York mortgage probe

New York Attorney General Andrew Cuomo has reportedly subpoenaed Wall Street firms that securitized risky mortgages during the housing boom, as part of an ongoing investigation of lending practices.

Cuomo's office has issued subpoenas to Merrill Lynch & Co, Bear Stearns, Deutsche Bank AG and other firms involved in packaging mortgage loans into securities for sale to investors, Reuters reports, citin  more...

Move, MSN renew exclusive content agreement

Realtor.com operator Move Inc.  more...

Home remodeling activity improves

Home remodeling activity crept up in the third quarter after sinking to its lowest level in four years in the second quarter, according to an index report released today by the National Association of Home Builders.

The Remodeling Market Index measures remodeler perceptions of market demand for current and future residential remodeling projects.

The index for current market conditions increased from 44.8 in the second quarter to 46.2 in the third quarter, but was down compared to an index score of 47.8 i  more...

Average rates on 30-year fixed loans drop below 6%

Mortgage applications for the week ending Nov. 30 were up 22.5 percent from a week earlier, the Mortgage Bankers Association said today, as interest rates on 30-year fixed-rate mortgages fell below 6 percent and loan refinancings rose dramatically.

The average contract interest rate for 30-year fixed-rate mortgages fell to 5.82 percent, down from 6.09 percent the week before. That's the rate for a loan with an 80 percent loan-to-value (LTV) ratio and an average of 1.07 points, including origination fees.  more...

Overnight real estate rates see small dips

Long-term mortgage interest rates continued their decline Tuesday, and the benchmark 10-year Treasury bond yield edged up to 3.89 percent.

The 30-year fixed-rate average dipped slightly to 5.59 percent, and the 15-year fixed rate slipped to 5.16 percent. The 1-year adjustable rate was unchanged 5.45 percent.

The 30-year Treasury bond yield was up at 4.36 percent.

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

Maine 'Open MLS' petition drive fails

Supporters of a ballot initiative proposal in Maine, who sought to create a statewide public multiple listing service, have canceled their petition drive for lack of financial support, said David Barry, a San Francisco lawyer who supported the effort.

Barry, who has engaged in a series of antitrust lawsuits against Realtor groups throughout his career, in 2005 launched a similar petition drive in California -- that effort also  more...

Fannie Mae to issue $7 billion in stock to raise capital

Mortgage repurchaser Fannie Mae said Tuesday it would issue $7 billion in preferred stock to raise capital and reduce the company's quarterly common stock dividend beginning in the first quarter of 2008.

Fannie Mae on Nov.  more...