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Mortgage News for Friday - March 5, 2004

More Mortgage News
• Metropolitan Mortgage insurers hold risky assets
• Housing demand exceeds supply
• Mortgage Loan Office in New York Set to Serve Mexican Market
• Mortgage Choice in ASIC inquiry
• US 2003 nonfinancial debt growth fastest since '88
• MORTGAGES GIANTS FANNIE, FREDDIE & YOU
• No Free Mortgages
• Lenders, Homebuilders Shares Higher
• Hawaii mortgage rates inch upward
• Leesport Helps Seniors With Reverse Mortgage
• First-timers 'must look elsewhere'
• Long-Term Mortgage Rates Hardly Moved From Last Week's Low Levels
• Poor Employment Data Suggests Second-Half Economic Slowdown
• US February mortgage prepayments higher on low rates
• Countrywide Home Loans and Prudential Verani Go Into Joint Venture
• Economic outlook bright in, around Aurora
• RefinanceWise.com Announces New Affiliate Program for Mortgage Refinancing
• AMI warns of complaints loopholes despite Treasury action
• MorSystems Offers More Technology to Mortgage Brokers
• Homebuyer Show starts today
Mortgage News
Mortgage Loan Office in New York Set to Serve Mexican Market - 2004-03-05
Seeking to get into the billions of dollars that Mexicans working in the United States send home each year, a Mexican mortgage finance company is establishing a New York branch on Thursday to offer loans to Mexicans who want to purchase a house in their country.

Last year, Mexicans sent home $13.27 billion, more than the country earned from foreign tourism. The money lifts many families out of poverty and in some regions is the only source of income.
Read the full story at New York Times
 
Mortgage Choice in ASIC inquiry - 2004-03-05
One of the country's biggest home-loan brokers, Mortgage Choice, which last year had a loan book worth $13.5 billion, is under investigation into whether it practiced "unconscionable conduct" and accepted secret commissions to recommend and sell particular loans.

The Australian Securities and Investments Commission is inquiring into whether Mortgage Choice broke the law by demanding lenders pay an annual "sponsorship fee" of up to $200,000 each to have their loans offered to the broker's clients.
Read the full story at Melbourne Age
 






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