Rates on 30-year mortgages dropped for a third straight week to the lowest level since the summer of 2005 as worries intensified about the current economic slowdown.

The Board of Directors of the Federal Housing Finance Board (Finance Board) passed a resolution permitting the Federal Home Loan Bank of San Francisco to develop a pilot program to use a portion of its Affordable Housing Program (AHP) homeownership set-aside allocation to assist low- and moderate-income households that, as a result of a recent or scheduled increase in monthly mortgage payments, will no longer be able to afford their mortgages.

Many homeowners are taking advantage of declining mortgage rates to refinance out of their adjustable rate mortgages. Even homeowners with a fixed rate mortgage are taking the opportunity to shorten their mortgage terms and lower their mortgage rates and payments as it has been years since mortgage rates have been this low.

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 906.4, an increase of 28.4 percent on a seasonally adjusted basis from 706.0 one week earlier.

NovaStar a major player in the sub-prime mortgage meltdown is letting its license lapse due to its inability to satisfy minimum requirements.

The state of Maryland is demanding that mortgage lenders provided detailed monthly reports on how they deal with borrowers heading towards foreclosure. Mortgage services do not write the actual mortgage loans, they collect payments on them.

Low interest rates, rising home values and lax mortgage lending standards created the perfect storm of lending fraud.

Prosecutors in New York and Connecticut have opened a probe to see if the Wall Street banks have held back critical information on subprime loans and have failed to disclose sufficient data on mortgage lending practices.

First NLC made a living in the sub-prime mortgage arena, so it's no wonder they died with the sub-prime mortgage meltdown.

Cleveland is the next city, in a growing trend, to file lawsuits against mortgage lenders whom they believe brought forth losses to the city due to unethical mortgage practices.

Mortgage rates continue to decline as U.S. economic worries continue to mount. Freddie Mac reported that the 30 year fixed mortgage loans have fallen to their lowest point in over two years.

Citigroup is focusing on the future with its new plan to make it mortgage practice uniform in nature.