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Mortgage News for Tuesday - March 15, 2005

More Mortgage News
• US Representatives Introduce Anti-Predatory Mortgage Lending Bill
• Pinnacle Financial to buy branches, operations center from Irwin Mortgage
• Mortgage company agrees to pay back wages
• Reverse mortgage proves expensive
• U.S. mortgage rates unchanged Monday - BestInfo
• Ameriquest at tentative settlement in mortgage fraud suit
• Borrowers Unclear About Credit Scores
• Greenspan: Budget Gaps Threaten U.S. Economy
• Greenspan-Fix Social Security to protect U.S. economy
• Fed must raise U.S. interest rates, says Yellen
Mortgage News
U.S. mortgage rates unchanged Monday - BestInfo - 2005-03-15
The average rate on a 30-year U.S. mortgage with no upfront points was the same on Monday, leaving the 30-year rate at 6 percent, according to BestInfo Inc.

If the mortgage market on Tuesday maintains its current direction, rates may remain the same. The 30-year mortgage rate with one upfront point was unchanged at 5-3/4 percent.
Read the full story at Reuters
 
Ameriquest at tentative settlement in mortgage fraud suit - 2005-03-15
Home loan lender Ameriquest Mortgage reportedly will dole out as much as $50 million to settle a class-action fraud case.

The tentative settlement stems from a lawsuit that accuses Ameriquest employees of surprising borrowers with fees and interest rates that often were significantly higher than quotes in good-faith estimates of mortgage loan costs.
Read the full story at BizNewOrleans.com
 






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