MORTGAGE

U.S. 30-year mortgage rates dropped to a new record low in the past week, according to a survey released on Thursday by Freddie Mac FMCC.OB, as concerns mounted about the economic recovery.

Wells Fargo & Co, the fourth-largest U.S. bank by assets, said on Wednesday it is closing more than 600 Wells Fargo Financial offices and will no longer originate non-prime mortgages.

Mortgage rates slid to fresh record lows in the latest week amid tepid economic growth and tame inflation, home funding company Freddie Mac said on Thursday.

Private sector employment rose less than expected in June, underscoring concerns about a weak labor market, while U.S. Midwest business activity grew slightly more than expected.

Nearly one out of every three U.S. home sales in the first quarter was a foreclosure property as steep price discounts boosted demand for distressed real estate, RealtyTrac said in a new report on Wednesday.

Refinancing drove total U.S. mortgage applications to an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week, the Mortgage Bankers Association said on Wednesday.

The four largest mortgage lenders in the United States were grilled on Capitol Hill on Thursday about the limited number of home loans they have modified for homeowners facing foreclosure.

Mortgage rates dropped in the past week, with 30-year fixed-rate loans tumbling to their lowest level in 39 years, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

Some of the states hit hardest by the slump in housing prices will be able to tap into a special $1.5-billion fund on Wednesday that is intended to head off some foreclosures.

Mortgage applications fell from a six-month peak last week as the lowest interest rates in over a year failed to foster demand for refinancing or home purchase loans.

Some low-risk home loans that meet certain underwriting guidelines will no longer be eligible for an exemption from a broader rule requiring so-called skin-in-the-game if House Financial Services Committee Chairman Barney Frank gets his way as lawmakers put the final touches on new rules for Wall Street.

U.S. authorities have charged 1,215 people in hundreds of mortgage fraud cases that resulted in estimated losses of $2.3 billion, top Obama administration officials said on Thursday, unveiling a crackdown after the housing market collapse.

A broad rewrite of financial rules will make it tougher to get a mortgage, but Congress may not be going far enough to crack down on the easy home loans at the heart of the financial meltdown.

Mortgage rates held steady at or near record lows in the latest week, home funding company Freddie Mac said on Thursday, with new housing data indicating market momentum is muted.

Mortgage demand jumped to a five-month peak last week, with applications to buy homes up from 13-year lows set in the wake of buyer tax credits while refinance loans hit the highest level since May 2009.

The former head of the now bankrupt mortgage lender Taylor, Bean & Whitaker Mortgage Corp has been charged with fraud in a scheme that led to the misappropriation of more than $1 billion, according to an indictment unsealed on Wednesday.

The former head of the now bankrupt mortgage lender Taylor, Bean & Whitaker Mortgage Corp has been charged with fraud in a scheme that led to the misappropriation of over $1 billion, according to an indictment unsealed on Wednesday.

Low-rated U.S. companies may struggle to refinance more than $1.7 trillion in debt that comes due between 2011 and 2014 as growing economic concerns make banks and investors more reticent to lend, Standard & Poor's said on Wednesday.

U.S. mortgage rates dropped in the past week, with fixed-rate loans either reaching or nearing record lows, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

Home buying applications sank for a fifth straight week to a fresh 13-year low, the Mortgage Bankers Association said on Wednesday, suggesting that tax credits had robbed more from future sales than expected.

The homeownership rate will drop further unless house prices rise substantially, as people who owe more on their mortgage than their house is worth become renters, according to a study released Friday.