Detroit resident, Rubie Curl-Pinkins, came to the Senior Lending Network for a reverse mortgage to save her from eviction after the bank who owned her mortgage began proceedings to foreclose on her home.

Ms. Curl-Pinkins and her husband lived in their home, situated several blocks from the well-known Motown Museum, for 45 years raising their five children. For 29 years, Ms. Curl-Pinkins was employed at Henry Ford Hospital. Her failing health along with medical problems relating to one of her children created mounting healthcare bills that caused her to fall behind in her home payments. Earlier this month, Rubie Curl-Pinkins faced eviction and crowds protested outside the financial institution holding her loan.

“The situation has now been resolved and Senior Lending Network is proud to have been able to provide the support necessary to keep Ms. Curl-Pinkins in her family home,” stated David Peskin, chief executive officer of Senior Lending Network.

“Our philosophy is that each loan we make has a story and a family behind it,” continued Peskin. “Our loan officers take the time to understand the borrower’s needs and build a relationship before we offer our services. I truly believe that is why Senior Lending Network is the most respected reverse mortgage provider in the nation and the one people refer to their friends and families.”

“I am so pleased at how the whole situation finally worked out,” added Ms. Curl-Pinkins. “I was holding my breath for a while. Now I feel as if my prayers have been answered so I can stay in my home.”

Mrs. Curl-Pinkin’s response is consistent with other reverse mortgage customers. According to the 2006 AARP National Survey of Reverse Mortgage Shoppers, 93 percent of borrowers reported that their reverse mortgages had had a mostly positive effect on their lives.

About Senior Lending Network
Since 2004, the Senior Lending Network has been championing the rights of the nation’s senior citizens through its educational efforts, financial products, and philanthropic endeavors. By providing seniors with information and guidance on issues most pertinent to their lives as well as access to a network of qualified reverse mortgage experts, the Senior Lending Network has already touched the lives of more than one million seniors.
For more information call (800) 454-1546 or visit the company’s Web site at www.seniorlendingnetwork.com sex and the city the movie divx online

Just as the government stepped in to save the two mortgage lenders, home loan rates were almost at their highest levels in five years.

The average interest rate for 30-year fixed-rate mortgages is now 6.71 percent, this is from 6.44 percent.

It seems that the concern in the financial markets about the future of Fannie Mae and Freddie Mac are the major cause of these rate increases, both companies guarantee nearly half of the nation’s $12 trillion mortgage market in the U.S.

Because of the troubles that these lenders are now facing the cost has been past on to consumers through the mortgage markets. If you have a $400,000 loan then you will have to find an extra $71 a month, which is $852 a year.

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According to The British Bankers’ Association (BBA) their members report that just 21,118 home loans for new purchases were approved in June, which is down from 27,499 in May. Looking at June 2007 figures, approved mortgage for new purchases are down by 66.9%.

This is now the lowest figure since the BBA started to collect this data 11 years ago. Many were hoping that the fall in house prices would help house sales, but tougher criteria from mortgage lenders and other changes in the mortgage market has cancelled this out.

Also lower is Remortgaging, the number of loans approved was lower in June than in May. The figures in May were 62,637, in June it was down to 59,637, this is down by 13% than the same time last year.

HM Revenue & Customs have also reported a massive drop a sharp drop in the number of property transactions for June, just 77,000 homes exchanged hands.

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Freddie Mac who are sponsored by the US government are also thinking about selling securities and reducing its dividend, while they prepare to issue $5.5 billion of stock. Matthew Jozoff, JPMorgan Chase & Co. analyst has said in a report last week that the growth in mortgage holdings for Fannie Mae and Freddie Mac will be “weak.”

He also added “This just means much less credit availability for mortgage borrowers, they were teed up to be saviors of the mortgage crisis, but now they’ve got their own capital issues.”

Both the Bush administration and Congress are hoping that both companies will be able to pull the U.S. out of the housing slump, as they purchase mortgage from banks, providing money to make new loans.

Both these companies will have a tough job on their hands as Treasury Secretary Henry Paulson had to try and get Congressional approval last week to extend the credit for both banks.

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The CML are unhappy as the Crosby Review has said that they will not be making any recommendations in its interim report.

The Council of Mortgage Lenders has stepped in and has drawn up their own blueprints, in the hope of addressing this funding issue.

The CML has said that they will be able to reduce the severity of the downturn in the UK housing market. “The CML firmly believes that with quick and decisive implementation of the mortgage market funding proposal, the Government could mitigate the difficulties that households and the housing market will otherwise face, as well as helping to restore greater confidence to the financial system as a whole.”

The plan that the CML has proposed involves the Bank of England offering a secured lending repo facility, this plan will use RMBS and CBs as collateral.

Read more on this from www.ifaonline.co.uk

If you are about to take out a new home loan then you should expect to pay more for your mortgage, as many experts believe that mortgage rate will rise. If you already have a mortgage then you do not need to worry, even if you have one with troubled banks Fannie Mae and Freddie Mac.

The crisis of these two big mortgage lenders could also have an effect on homeowners, as it could lead them to foreclosure. Thousands of homeowners who face an increase in their loan rates will be trying to adjust their finances, in the hope of trying to make the extra payments.

If there was to be an increase in loan rates, then this would not be the ideal solution for a recovery in the housing market. The number of foreclosures has been increasing as potential buyers have been scared away, as they need to put down bigger down payments as well as going through tougher credit checks.

Nancy Trejos, Staff Writer for the Washington Post expects that other forms of loans could go up, such as car and student loans. It seems that the crisis of Fannie Mae and Freddie Mac are going to have long lasting effects, and there seems to be no light at the end of the tunnel.

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Mortgage expert, Darren Cook, from the website has said “It is now three weeks since the peak in swap rates and we would expect to see the cost of fixed rate deals starting to fall, but this isn’t the case.”

Moneyfacts are now calling for lenders to justify why rates are still so high after research has found that, the average cost for a two-year fixed rate mortgage stand at 7.07 percent.

The problem with this is that since June, swap rates for these popular products are now down to 6.52 percent and they seem to be holding steady there.

The problem is, in this current climate lenders will do all they can within reason to try and make as much profit as possible, as there are not as many mortgage being taken out, so they need to keep some sort of healthy profit.

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Bernanke, has also said that the Fed are also considering extending its program of low-cost overnight loans to the nation’s largest investment banks into next year.

This lending program which started back in March was supposed to be a temporary program, which was in response to liquidity problems on Wall Street, following the near-collapse of Bear Stearns.

Mr. Bernanke was at a recent forum in Arlington, Va., which was all about lending for low- and moderate-income households, Bernanke had said that Bear Stearns’s difficulties had highlighted weaknesses in the financial system that policy makers were trying to address.

According to The New York Times, the remarks that the Fed Chairman had said seems to have had reassuring effect on the markets just a day after the surprising drop in the shares of Fannie Mae and Freddie Mac. The shares in both these government sponsored companies were up slightly from yesterday.

It seems like there has been a little reverse in figures, the fall in remortgage activity was accompanied by just a little rise in loans for house sales.

In the month of May, there were 71,000 remortgage loans taken out, this is a 14% drop from April, however it was a massive 23% drop from May 2007. The remortgage business as a whole was down 13% at just £9.6bn.

Mortgage loans picked up a little in May, with an increase of just 4% over April; overall 52,700 home loans were taken out. It is not all good news though, as both volume and value of house purchase loans are now 44% down over last year.

The Council of Mortgage Lenders are reporting that fixed-rate loans are now more popular, even though the average rate for one of these products are now around 7%. Over 66% of new mortgages were fixed-rate, compared to 59% in April.

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These job cuts will be done over the next few months, these cuts are hoped to reduce their operating expenses by 60 percent, and these cuts are on top of the 2,700 cuts that the lender already made earlier this year.

As of now IndyMac are no longer accepting most retail and wholesale mortgage applications, however they will honor rate-locked loan commitments. The lender is now focusing on their mortgage servicing unit along with their 33-branch southern California thrift, which has $18 billion of deposits; IndyMac will also focus on their Financial Freedom reverse mortgage unit.

IndyMac are a shadow of their former selves, they once was one of the fastest growing mortgage lenders in the U.S. as they specialized in “Alt-A” home loans, these mortgages were perfect for those who could not document income or assets.

IndyMac shares are down 98 percent from last year and things look set to get worse, they expect their second-quarter loss to be greater than $184.2 million. Perry has asked IndyMac’s board to halve his base salary, but that will not be any comfort to one of those 3,800 people who work for IndyMac.

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