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Bank of Montreal to refund $7.1 million to about 28,000 mortgage customers (Canadian Business)  The bank said it identified an inconsistency between in the way some mortgage contracts explained how interest penalties were calculated and the way the calculations were actually done.read more...


Mortgage approvals fall 11.1 percent (Reuters via Yahoo! UK & Ireland Finance)  Mortgage approvals fell 11.1 percent in December from a year ago to 45,533, the first annual fall since April, a survey showed on Friday, indicating higher borrowing costs may be


Senate panel to weigh flood insurance overhaul  A U.S. Senate committee will debate legislation on Thursday to overhaul the bankrupt National Flood Insurance Program by raising annual premiums, stiffening coverage requirements and redrawing flood maps.read more...


Home Sales in 2006 to be Slower but Sustainable  RISMEDIA, Feb. 8 - Home sales this year are expected to stay below the peak levels in 2005 but will remain historically strong, according to the National Association of Realtors


H&R Block's Mortgage Unit to Slash Jobs (AP via Yahoo! Finance)   H&R Block Inc. said Thursday its struggling mortgage lending subsidiary, Option One Mortgage Corp., will eliminate 615 positions as it tries to deal with diminished loan business.read more...


Sector Snap: Mortgage Lenders Gain (AP via Yahoo! Finance)   Shares of most mortgage lenders rose in afternoon trading Tuesday after a Merrill Lynch & Co. deal to buy a mortgage business for $1.3 billion showed that institutional investors

May 7th, 2005

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