Home Trust Helps!

Home Trust is alternative lender that provides credit solutions for borrowers with a wide range of products. Home Trust Company has developed a market niche by lending to people who have had difficulty in obtaining their financing from one of the major banks or mortgage lenders.

Home trust lends to Small business owners, self-employed people and People with former credit difficulties that have since been resolved. They also lend to discharged bankrupts without any waiting period. Landed and non-landed immigrants to Canada who do not have a credit history can also benefit from Home Trust products.

If you have equity in your property but do not have provable income that satisfies your bank, talk to a mortgage broker about Home Trust mortgages.

US Govt. To Forgive Some Mortgage Loans?

USA is planning to aid borrowers whose mortgages are greater than the value of their homes. The govt. may call on lenders to forgive part of the loans according to the Washington Post, citing unidentified government officials. The Bush administration is finalizing a plan to rescue thousands of homeowners facing foreclosure by helping them refinance into more affordable loans, the Washington Post reported in its Saturday edition. The Department of Housing and Urban Development wrote a plan to expand the Federal Housing Administration and sent it to Bush officials about a week ago, but it has not yet won an endorsement. With foreclosure signs prevalent and a Wall Street rescue reverberating, majority Democrats want the government to step in and back up to $400 billion in troubled loans. The goal is to help strapped borrowers and thaw a credit market plagued by uncertainty about the value of subprime mortgages made to people with spotty credit or low incomes. The concept is similar to elements in legislation proposed earlier this month by U.S. Representative Barney Frank. Will you qualify under this new "forgiveness plan"?

Xceed - Cost Reduction Measures Continue

Xceed Mortgage Corp., the Toronto- based mortgage lender that has lost 60 percent of its market value this year today announced that it is taking further measures to reduce the size of its organization, in line with the volume of mortgages that it expects to originate for the foreseeable future. Xceed, which seeks to return to profitability by the third quarter, stopped offering uninsured mortgage products this month as a spreading credit crisis in the U.S. made it difficult to find money to fund loans. Senior executives leaving the company include Xceed's president and chief operating officer, Michael Jones, and its chief financial officer, John Ayanoglou.

UK's subprime market in decline

Lenders are finding it increasingly difficult to find funding for sub prime mortgages. Investment banks have been hit hard by the troubles facing the US sub prime market and therefore are less willing or able to securitise the mortgage books of UK sub prime lenders. The number of products available in the UK subprime lending market has declined by 71% over the past year. The subprime market – based on giving credit to higher-risk borrowers and therefore charging a higher rate of interest – has been in the frontline of the fallout from the credit crunch. The latest withdrawals from the market have come in what appears to be a second phase of tightening.

Xceed is not offering uninsured mortgage products anymore

Xceed - a Toronto-based lender- suspended a line of uninsured mortgage products due to the credit crunch in the United States. Xceed, which lends to borrowers unable to meet traditional mortgage criteria, sent a notice to about 3,000 mortgage brokers. The move by Xceed adds to evidence that the subprime mortgage crisis may be spreading from the U.S. to Canadian lenders. Lenders such as Xceed represent about 5 percent of the Canadian mortgage market. The retreat may help large Canadian banks and companies such as Home Capital Group Inc. according to a report published by the Globe & Mail.