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Three major banks cut mortgage rates

Posted by mortgage 7 days ago (Editorial)
Westpac has moved to cut some of its advertised fixed-term mortgage interest rates, on the heels of cuts by Kiwibank earlier in the day, matching the state owned bank's new market low offers over two and three years. And late in the...
Mortgage rates in the U.S. fell to a record for a third straight week, reducing borrowing costs as the housing market improves and home-loan defaults decline.

Fixed Mortgage Rates Hit Record Lows Again

Posted by mortgage 7 days ago (Editorial)
MCLEAN, Va., May 17, 2012 /PRNewswire/ --
NEW YORK, May 16, 2012 /PRNewswire/ --
A fifth bank has joined the government?s mortgage indemnity programme for buyers of new-build homes.
CHARLOTTE, N.C., May 15, 2012 /PRNewswire/ --
Ally Financial Inc.'s troubled mortgage unit Residential Capital LLC filed for Chapter 11 bankruptcy early today as the Detroit-based auto lender said it may sell its international businesses.
(Reuters) - Ally Financial Inc's mortgage unit filed for bankruptcy protection on Monday, and the former in-house financing arm for General Motors Co also said it will sell some international operations to help set it on a path to repaying $12 billion in U.S. government bailout money. The bankruptcy, which still needs court approval, came early Monday as ResCap faced looming bond payments and
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