Mortgage and Financial News From 2009-6-19 Page 01

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• Ex-NM lawmaker, 3 others indicted in housing case (3:29 p.m.) - Las Cruces Sun-News

  SANTA FE — Former New Mexico lawmaker Vincent "Smiley" Gallegos and three others were indicted Friday on felony charges in connection with a defunct Albuquerque-based housing program that owes the state $5 million. Gallegos, the former executive ...
  2009-06-19 07:13:00

• Home Sales to Overshadow FOMC Meeting - FoxBusiness.com

  Surprisingly, the midweek meeting of the Federal Open Market Committee will not be the focus of economic attention, yielding the spotlight to reports on home sales in hopes that the end of Spring truly is a time of rebirth. Optimists are looking ...
  2009-06-19 06:23:00

• Is a Reverse Mortgage Right for You? - US News and World Report

  Since the credit and housing meltdown largely removed private reverse mortgages from the market, home equity conversion mortgages (HECMs)—federally insured reverse mortgages—have been growing steadily. Now, with housing activity improving in most ...
  2009-06-17 09:36:00

• Counselors Key in Halting Reverse Mortgage Fraud - Inside Mortgage Finance

  Counselors Key in Halting Reverse Mortgage FraudInside Mortgage Finance, MDThe Department of Housing and Urban Development has urged FHA-approved housing counselors to review recent guidance published by the Federal Trade Commission on how counselors can spot fraud in a reverse mortgage. HUD accounts for 90 percent of the ...
  2009-06-19 10:25:28

• Expert Group Inc. Shareholders Update - StreetInsider.com (subscription)

  Expert Group Inc. Shareholders UpdateStreetInsider.com (subscription), MIThe Company's Board restates that there will be NO reverse or forward split of any sort in 2009. Robert Rico (CEO) states, "We are fully committed in branding Expert as a household name for all of your residential and commercial lending needs. ...
  2009-06-19 10:25:39

• SECU Wins Two Awards - Credit Union Times

  SECU Wins Two AwardsCredit Union Times, FLThe Louise A. Herring award was presented to the credit union for its reverse mortgage product. State Employees' Credit Union in Raleigh, NC, was the first place winner of the Dora Maxwell Social Responsibility Award and the Louise A. Herring Award for ...
  2009-06-19 10:41:50

• Industry Calls For Resources to Support FHA Growth - Housing Wire

  Industry Calls For Resources to Support FHA GrowthHousing WireGinnie's program will eventually take on an influx of FHA reverse mortgages, which Donohue says may be fraught with potential fraud schemes. He also said the OIG is concerned for the FHA's reserve fund, which was at about 3% of its total insured ...
  2009-06-19 10:43:13

• Advisor Products integrates, AdviceAmerica updates software - InvestmentNews

  Advisor Products integrates, AdviceAmerica updates softwareInvestmentNews, NYSome of the new features of AdviserVision are AdviceCenter Modeling Tools for constructing planning scenarios that can include annuities or reverse mortgages. Users can also create reports on portfolio re-balancing and revenue opportunities. ...
  2009-06-19 11:38:23

• Merryn Somerset Webb: No upside in these knock-down prices - Financial Times

  Merryn Somerset Webb: No upside in these knock-down pricesFinancial Times, UKThe fact that commercial property prices in the US are still coming down so fast, along with the fact that residential prices remain under pressure (nearly one in 10 mortgages is in default and there is another wave of adjustable rate resets still to ...
  2009-06-19 11:59:14

• Maryland Insurance Broker Accused of Swindling Seniors - Reverse Mortgage Daily

  Maryland Insurance Broker Accused of Swindling SeniorsReverse Mortgage Daily, ILHanson had helped Cunningham take out a reverse mortgage on her home and received a $212000 payout. Cunningham said she also told Hanson that she was interested in purchasing long-term health insurance. He started asking her for large sums of money, ...
  2009-06-19 12:16:33

• Home Sales to Overshadow FOMC Meeting - FOXBusiness

  Home Sales to Overshadow FOMC MeetingFOXBusinessTraders, though, have increased their bets the FOMC will begin to reverse the rapid decline in interest rates and other actions designed to increase the money supply before the end of the year. What we can expect from the FOMC is more of the same: no ...
  2009-06-19 05:22:49

• Memo to the President: What You Must Do To Save Universal Health Care - TPMCafé

  Memo to the President: What You Must Do To Save Universal Health CareTPMCafé, NYBut you have no choice but to reverse yourself on this.) These are the only two big pots of money. 6. Put everything else on hold. As important as they are, your other agenda items -- financial reform, home mortgage mitigation, cap-and-trade ...
  2009-06-19 07:40:00

• Pushing on a String - Lew Rockwell

  Pushing on a StringLew Rockwell, CAThe FED would inflate the monetary base, he said, but this would not reverse the price decline. The commercial banks would not lend. The FED would therefore push on a string. Its attempt to inflate would fail. Exter had been a central banker (Sri ...
  2009-06-19 10:15:14

• The Best In... - Wall Street Journal

  The Best In...Wall Street JournalThe 28-page booklet begins with an overview of various options for tapping the equity in one's home and then goes into a detailed discussion of reverse mortgages. To learn more, visit ncoa.org, click on “Staying Independent,” and then click on “Find ...
  2009-06-19 11:02:39

• Stock market rally could be derailed if rising bond yields force rates ... - News1130.com

  TORONTO - The Toronto stock market is likely set for another series of gains this week as the spring rally, which is into a fourth month, continues to send stocks higher - but confidence is starting to get a shake from worries about higher interest ...
  2009-06-14 11:27:00

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