Brown's risky tactics trigger mortgage scare - 2004-05-24
Oliver Letwin has pointed the finger of blame at Gordon Brown following alarming new fears that interest rates and mortgage repayments are expected to skyrocket.

At the weekend, the Council for Mortgage Lenders triggered the alert with a warning that without a significant increase in interest rates the rise in housing prices would spiral out of control, and then collapse - threatening already heavily over-mortgaged property owners with a repayments crisis and even the loss of their homes.

The Chancellor immediately sought to slap down fears, declaring that suggestions that rates may have to double were well wide of the mark. Mr Letwin also stressed that he did not foresee a "doom and gloom" situation.
Read the full story at Conservatives.com

First Franklin Starts Second Quarter With Record-Breaking April Production - 2004-05-24
Surpassing monthly projections by 20 percent, First Franklin Financial Corporation's $2.44 billion in mortgage loans for April 2004 marked the highest-funded April in the company's non-conforming lending history. The company's wholesale division funded at least $2.27 billion; the consumer-direct division, Direct Connect, funded over $135.97 million and the portfolio-retention group, Preferred Advantage, produced more than $32.31 million. This April's combined originations were significantly higher than the previous $1.36 billion record from April 2003, which the national mortgage lender attributes to its attractive adjustable-rate purchase products and branch expansion.

First Franklin's flexible, purchase-friendly mortgage solutions continue to dominate the company's monthly product mix.
Read the full story at Market Wire