Refinance mortgage demand sags as rates rise - 2007-04-04
Loan applications to purchase and refinance mortgage loans for U.S. homes decreased last week when mortgage rates went up, an industry group said Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications dropped for the third consecutive week, decreasing 3.2% to 649.5 in the week ended March 30.
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Mortgage Pros Scramble to Modify Loans - 2007-04-04
As home foreclosures increase, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose. EMC Mortgage Corp., which holds a $78 billion loan portfolio that includes subprime loans made to homeowners with weak credit, this week started a 50-person team it calls "the Mod Squad." Members will devote an unlimited time on the phone with troubled borrowers, sifting through their bills to compute a workable monthly payment.
Read the full story at Houston Chronicle