Wells Fargo Commercial Mortgage Provides $5.8 Million for Industrial Park in Simi Valley

SIMI VALLEY, Calif., April 6 /PRNewswire/ -- Wells Fargo Commercial Mortgage announced today that it has provided a $5.8 million fixed rate 10-year permanent financing for RIF-II Easy Street, LLC, owner of a multi- tenant industrial park in Simi Valley. RIF-II Easy Street, LLC is managed by Rexford Industrial, LLC.

"Wells Fargo has long term relationships with both Howard Schwimmer and Richard Ziman, principals of Rexford," said Bill Harvey, commercial mortgage originator with Wells Fargo in Los Angeles. "They're experts at repositioning and developing commercial investment properties in Southern California."

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ECC Capital Corporation Reports 2005 First Quarter Loan Production of $2.25 Billion

IRVINE, Calif., April 6 /PRNewswire-FirstCall/ -- ECC Capital Corporation (NYSE: ECR), a mortgage finance company that originates and invests in
residential mortgage loans, today announced 2005 first quarter loan production of $2.25 billion. First quarter 2005 production represents a 42.5% increase over last year's first quarter loan production of $1.58 billion. ECC Capital's first quarter 2005 results compared to the same period in 2004 are summarized below:

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Global Equity Lending Chooses Customized Version of powerOne(R) Finance for Loan Associates Nationwide

Infinity Softworks, Inc., the leader in calculator and analysis software for handheld and desktop computers, announced the release of a customized version of powerOne® Finance software for GEL associates. Global Equity Lending (GEL), a premier provider of residential loan programs, chose Infinity Softworks to customize powerOne Finance in support of their nationwide network of mortgage consultants. The associates are now able to wirelessly take advantage of custom mortgage calculations and analysis for unique GEL loan products used on their handheld, laptop and desktop computers.

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Freddie Mac, AMCORE Bank Launch New Loan Program to Expand Homeownership Opportunities in Underserved Markets

ROCKFORD, Ill., April 5 /PRNewswire-FirstCall/ -- AMCORE Bank today announced its Home Possible(sm) Mortgage to foster stronger communities by making affordable home financing more accessible to working families and many key community professionals who may have limited credit or down payment savings.

AMCORE Bank is one of the first to work with Freddie Mac (NYSE: FRE - News) to offer this new suite of mortgages to borrowers at or below 100% median income or living in underserved areas. One of the nation's largest investors in residential mortgages, Freddie Mac makes homeownership more accessible and affordable to millions of borrowers each year.

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U.S. 30, 15-year mortgage rates up for 7th week

U.S. interest rates on 30- and 15-year mortgages rose for the seventh consecutive week as inflation pushed home borrowing costs higher, according to a report issued on Thursday by mortgage finance company Freddie Mac.

U.S. 30-year mortgage rates rose to an average of 6.04 percent in the week ended March 31 from 6.01 percent a week earlier. Last week, 30-year mortgages topped 6 percent for the first time since July 2004.

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Weigh pros, cons before taking a reverse mortgage

Q. I am considering taking a reverse mortgage on my home and would appreciate knowing about the pitfalls. I am not too concerned about my heirs. Can you help?

A. Increasing numbers of homeowners are finding, particularly in their later years of retirement, that they lack cash. Their largest asset is usually the home in which they live. Unlike other investments, such as bank accounts, bonds or stocks, a home does not provide any income to the owner unless he or she decides to rent out a room or two.

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Net-Based Company "Hot Mortgage" Providing Nationwide Home Mortgage Info and Assistance

There’s a brand new place on the web where mortgage product consumers and lending brokerage agents alike can find the essential resources they need. Located on-line at: http://www.hot-mortgage.com and featuring a truly remarkable slate of home mortgage related product resources and general lending services. Originally designed to assist a Chicago, IL based independent mortgage referral company, the website quickly became a regular stop on the shopping trips of prospective borrowers searching for more effective techniques with which to resolve a wide variety of home lending issues. These days, literally thousands of Hot Mortgage’s guests are able to use of its 100% free comparative quoting system while boning up on better ways to improve their credit rankings or debt profiles, the benefits and dangers of the increasingly controversial reverse mortgage plan, the ins and outs of adjustable rate mortgage structures and much more.

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Finding the Right Mortgage

Homes listed for sale in the Northern Virginia market have been selling quickly for a few years now, making it difficult for potential buyers to find a new place to live. For the lucky ones who make the winning bid on a home, one question looms large: how do I finance this major purchase? Most turn to mortgages to finance their homes, and with the wide variety of options available, the process of finding the right plan can be almost as tricky as finding the right home. “Interests rates on mortgages are still really low, hovering around 6 percent for a 30-year fixed-rate plan,” said Rick Eul, a mortgage banker with Bank of America in Annandale.

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GM might sell stake in mortgage unit

General Motors Corp. might sell a stake in its commercial mortgage unit, raising cash after forecasting its biggest quarterly loss in 13 years.

The company has received interest from potential investors, spokeswoman Toni Simonetti said. She said GM intends to keep a significant equity stake in the unit, which finances everything from nursing homes to office buildings. GM sought to sell it two years ago for about $2 billion.

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Bankrate: Mortgage Rates Soar on Inflation Concerns

Mortgage rates keep on climbing, with fixed rate mortgages hitting the highest point since July. The average 30-year fixed rate mortgage jumped from 6 percent to 6.15 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.37 discount and origination points.

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Mortgage Applications Down Last Week-MBA

Applications for U.S. home mortgages decreased last week as rising interest rates led to a sizable decrease in refinancing activity and purchasing, an industry group said on Wednesday.

"The increase in mortgage rates has reduced application activity across the board, particularly for refinances. Refinance applications are down more than 60 percent relative to this time last year," Michael Fratantoni, MBA's senior director of single family research and economics, said in a press release.

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GM in Talks to Sell Stake in GMAC Unit

General Motors Corp. (GM), facing a possible credit downgrade to ``junk'' status, is in talks to sell a stake in its commercial mortgage unit, a spokeswoman for the automaker said on Wednesday.

GM faces a cash outflow of $2 billion this year, but the automaker is not selling the stake to raise cash, the spokeswoman, Toni Simonetti, said.

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Interest rate losers and winners

There are far more corporate losers than winners in a rising-rate environment but if you look hard enough, there are a few companies that should benefit as interest rates climb.

Some of the problems from rising rates may be balanced if the economy keeps growing solidly, economists said. And some of the companies facing problems have woes that go beyond borrowing costs.

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Clinic to help consumers thwart predatory mortgage lenders

Hidden costs, exorbitant fees, prepayment penalties and high-pressure sales tactics are some of the ways "predatory" mortgage lenders take advantage of desperate or unwitting homeowners.

Consumers can learn those and other hallmarks of predatory loans to avoid being snookered during Consumer Finance Awareness Day set for 10 a.m. to 3 p.m. April 1 in the main lobby at the City County Building, Grant Street, Downtown.

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So you want to be a real estate tycoon?

Today, Schneider, 32, is an experienced real estate investor and landlord who owns three rental properties and has sold two others. A Wachovia business banker by day, Schneider calls her side job a "quick and easy" way to make money. She recently sold the first property she bought in Charlotte -- a Third Ward condo purchased for $83,000 six years ago. The condo fetched $130,000

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Analysis: Defusing China's property bubble

By announcing measures last week to tighten mortgage lending, China finally appears to have made up its mind in defusing the long-building property bubble. But if the property market has been highlighted by many economists as the top risk for the Chinese economy this year, thelatest measures are so mild they are unlikely to prick the bubble.

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