In these changing and trying times one of the biggest lead providers to mortgage companies is hosting a conference in Las Vegas, Nevada for its customers to stimulate business.

As the bank regulators shut down banks and wholesalers Friday, six of the seven banks shut down were owned by the same holding company and were vested heavily in land development and construction which are slow at due to the economy. The seventh bank that the bank regulators closed was the first bank failure in New York in over five years. The economy and these tough times have also lead to the closing of three wholesale lending operations and a branch network as well.

It seems the housing problem is not a local one as Australia is on the same path it seems according to an Australian economist. The Australian Economist said that the first time home buyer program that helped prop up the housing market in Australia will flop for investors and insurers as he predicted over a decade ago. The Australian economist said the flop in the housing program will lead to prices in real estate going down in Australia and in the United States as well.

With the ever changing economy and mortgage market, at the center of the changes a new program called the Home Affordable Modification program has been adopted. The United States mortgage services has reported that hundreds of thousands of modifications have either been suggested, accepted, or put in place due to the changing mortgage and banking market.

In these trying financial times bank failures seem to be forth coming, a 16 billion dollar Texas Based bank has announced it will likely fail as it is unable to get need monies to continue to operate. The Texas bank is waiting for the Federal Banking Regulators to step in and take over and since the Texas Bank can’t get needed funds to continue operation they are looking to be taken over and cease business.

The Federal Government / Federal Reserve Board is an attempt to clean up the mortgage business has proposed changes disclosure changes: including a new form for application called the Final Truth in Lending Act. The ideal of the Final Truth In Lending Act is to disclose three days after closing and special new notices on adjustable loans which have been so problematic in these tough economic times. The Federal Government is also proposing new restrictions on banks and financial institutions that offer home equity lines of credit and is looking to ban mortgage brokers and originators from upselling interest rates for their own financial gain.