Bank of America profits sink

Bank of America Corp., the fifth-ranked U.S. mortgage lender by total volume, today reported its first profit decline in more than four years, citing consumer bankruptcies driving up loan losses and a weak trading quarter as causes.

Net income for the fourth quarter of 2005 fell 2 percent to $3.77 billion, or 93 cents per share, from $3.85 billion, or 94 cents, a year earlier.

Home equity production volume, one of the bright spots in the earnings report, increased 27 percent to a record $72 billion in 2005, the company said.  more...

Toronto real estate sales jump

In the first half of January, the Toronto-area resale housing market posted a 15 percent increase in sales compared to the first half of January 2005, the Toronto Real Estate Board reported.

Realtors reported 1,508 sales during the first half of this month, up from 1,310 sales during the same period a year ago.

"As usual, activity in the post-holiday season market is more moderate than during the peak spring months, but so far it is running at a normal pace for this time of year," TREB President John Meehan said.  more...

Proposed law would protect against real estate foreclosure scams

In a growing effort to stem mortgage fraud, Chicago state lawmakers this month introduced a bill aimed at so-called "mortgage rescuers"--con artists who promise to bail out cash-strapped families but often end up taking their homes instead, the Chicago Tribune reported.

Other states are taking similar action. A bill aiming to protect consumers from scammers who prey on homeowners facing foreclosure is making its way through the Colorado legislature.  more...

RealEC launches new tools for mortgage insurance

RealEC Technologies, a provider of supply chain technology to the mortgage industry, has released new software designed to manage mortgage insurance ordering. The new product incorporates several new features designed to fully automate the allocation and electronic placement of mortgage insurance orders, the company said.

RealEC's new mortgage insurance tools include a set of provider qualification tools through which the lender can define sophisticated business rules for mortgage insurance program qualification.  more...

FSBO real estate marketing site adds lending option

Union Equity Inc. a subsidiary Home Sales Express Inc., has added an online lending feature to its for-sale-by-owner Web site, KingOffer.com.  more...

Ameriquest finalizes $325 million settlement, reports say

Ameriquest Mortgage Co.  more...

Economy picks up steam

The U.S. leading index, a key barometer of economic conditions, increased 0.1 percent in December, the Conference Board reported today.

The leading index now stands at 138.5 (1996=100). Based on revised data, this index increased 0.9 percent in November and increased 1 percent in October. During the six-month span through December, the leading index increased 1 percent, with seven out of 10 components advancing.

The leading index grew strongly from mid-2003 to mid-2004, but it has been fluctuating around a more moderate upward trend since mid-2004.  more...

Mixed movement for overnight real estate rates

Long-term mortgage interest rates were scattered Friday, and the benchmark 10-year Treasury bond yield fell to 4.35 percent.

The 30-year fixed-rate average dipped to 5.63 percent, and the 15-year fixed-rate edged up to 5.21 percent. The 1-year adjustable was unchanged at 4.52 percent.

The 30-year Treasury bond yield decreased to 4.52 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...