Subprime lender in bankruptcy pending sale to Credit Suisse

Subprime lender ResMAE Mortgage Corp., which made nearly $8 billion in loans in 2006, has filed for Chapter 11 bankruptcy protection and will sell its assets to Credit Suisse Group Inc. for $19 million.

Like other lenders that have run into financial difficulties in recent weeks, the Brea, Calif.-based company was hit by a rise in early defaults, which forced it to take back loans it had sold to investors, the Associated Press reported, citing court records.  more...

Public ranks top 150 U.S. architectural works

New York City's Empire State Building was chosen in a public poll as the nation's architectural favorite in a poll conducted for the American Institute of Architects, the institute announced.  more...

Refinancings rise

Overall mortgage application volume picked up last week, buoyed by steady growth in refinancings, the Mortgage Bankers Association reported today.

The market composite index, a measure of home loan application volume, grew 1.5 percent last week, rising to 639.8 on a seasonally adjusted basis from 630.1 the week before.

Refinancings have been on the rise in each of the last three surveys, with the refi index gaining 4.5 percent last week from the week before, and their share of total applications remaining at 46.1 percent.

The index that tracks home purchase applications  more...

More gains in overnight real estate rates

Long-term mortgage interest rates rose further Tuesday, and the benchmark 10-year Treasury bond yield climbed to 4.81 percent.

The 30-year fixed-rate average edged up to 5.82 percent, and the 15-year fixed rate gained to 5.6 percent. The 1-year adjustable stayed at 5.37 percent.

The 30-year Treasury bond yield increased to 4.9 percent.

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

California Realtor group sues Blue Shield

The California Association of Realtors is suing Blue Shield of California over a notice of cancelled health insurance coverage for about 8,000 people, including Realtors and their family members.

The association has about 200,000 members, and about 10,000 members participate in health plans offered through the Realtor association, said Debra Ferrier, assistant general counsel for the Realtor group.  more...