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11/11/2008 News For:

Mortgage Rate For Today

Alistair Darling adds weight to call for banks to pass on rate cut   Alistair Darling today insisted it was "essential" that banks pass on today's 1.5% interest rate cut to customers, but Downing Street declined to say if it could force banks to do so. Gordon Brown's official spokesman said the public would "expect" banks to take action. But he added: "We are not going to make specific comments about the specific pricing of individual mortgage products ...

Credit card providers ignore base rate cut   While mortgage borrowers will have to wait and see if they stand to benefit from today's 1.5% cut in interest rates, credit card customers have been told not to expect repayments to fall. Although the Bank of England has slashed the base rate to 3%, consumers look set to continue to pay an average APR of more than five times that figure, according to financial data firm Moneyfacts. It ...

Citigroup Plans to Ease Mortgage Terms for At-Risk Borrowers  Citigroup plans to announce today that it is launching a mortgage-modification program for 500,000 at-risk borrowers in regions facing rising unemployment rates and steep declines in home values.

Mortgage lenders' small print ruse to block rate cuts   Banks may use the small print in mortgage contracts to prevent borrowers benefiting from future interest rate cuts by the Bank of England.

Taxpayers may pay legal bills for mortgage execs  WASHINGTON ? When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They?re also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market?s collapse.

Citigroup to offer help to 500,000 risky mortgage customers  The plan is targeted at homeowners who are current on their payments but might be in trouble later. The effort will focus on areas whose home values have fallen, including California. Citigroup Inc. today plans to announce a six-month program to reach out to 500,000 high-risk mortgage customers who are current on their payments but someday may require loan modifications to stay in their ...

Mortgage lenders review rates   Lloyds TSB today said it would pass on the 1.5% cut in interest rates to borrowers with loans linked to its standard variable rate SVR, but customers of other lenders have been warned their rates may not be cut. The bank said it would reduce its SVR from 6.5% to 5% with effect from December 1, in a move that will benefit borrowers with mortgages from both the bank and its lending arm ...

Thornburg Mortgage Reports 3Q Earnings   SANTA FE, N.M.----Thornburg Mortgage, Inc. , today reported net income for the quarter ended September 30, 2008, of $140.0 million, or $1.23 diluted earnings per common share based on a weighted average of 110.1 million common shares and penny warrants outstanding.

GM says GMAC mortgage unit may not survive  DETROIT -- Bad news kept piling up for General Motors Corp. on Monday as its shares plunged to their lowest point in 60 years and the company said in a government filing that the mortgage unit of its finance arm may not survive.

Abbey passes on rate cut bulk  Abbey has announced it is passing on the majority of last week's 1.5% interest rate cut to new variable rate mortgage customers. The group, one of the UK's biggest mortgage lenders, has relaunched its tracker products after withdrawing them last week.