Project Lifeline: Bank of America, Citigroup, Countrywide, JP Morgan, Washington Mutual & Wells Fargo united to create Project Lifeline program to help the Mortgage payment crisis.

The Federal Bureau of Investigation on Tuesday said it is investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans.

Many senior borrowers who start looking into reverse mortgages are not aware of it, but there is a fixed rate Home Equity Conversion Mortgage (HECM) available. The HECM or Heck-um as you may hear it called, is the government insured reverse mortgage program offered by lenders and insured by the Federal Housing Administration.

State Assemblyman Ted Lieu is pushing for a bill that requires mortgage lenders to tighten up already strict guidelines to make sure homebuyers can afford their basic monthly bills before qualifying for a mortgage loan.

The Federal Reserve surprised everyone Tuesday with an emergency intersession rate cut of .75%, the deepest cut in the Fed Funds Rate since 1984. The Fed Governors are acting in direct response to recent reports that the country is on the brink of recession, but what does this doe to your 30 years mortgage rates?

The Fed today cut the interest rates by 0.75 percent. Immediately major corporations lowered their prime rates. However, why mortgage rates aren't falling 0.750% along with the Fed interest rate cut today?

Effective today, Wachovia Corporation (NYSE:WB) lowered its prime interest rate to 6.50 percent from 7.25 percent at Wachovia Bank, National Association and all of its other banking subsidiaries.

Bank of America, N.A., LaSalle Bank N.A. and LaSalle Bank Midwest N.A., announced today that they are lowering their prime-lending rates to 6.50 percent from 7.25 percent, effective January 22, 2008.

Fannie Mae is promoting responsible lending, and is working in local communities throughout the nation to help develop solutions to the problem of predatory lending.

30-Year AND 15-Year FRM At Lowest Level Since July 2005 - McLean, VA – Freddie Mac (NYSE:FRE) yesterday released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.69 percent with an average 0.5 point for the week ending January 17, 2008, down from last week when it averaged 5.87 percent as well. Last year at this time, the 30-year FRM averaged 6.23 percent.

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.

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.