Mortgage and Financial News From 2007-9-17 Page 21
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US mortgage woes: Are you affected?
BBC News - Sub-prime lending - loans and mortgages for people with poor credit histories - has been big business in the US and UK in recent years. But now defaults are rising, and the over-supply of unsold homes is threatening the undermine the entire US ...
2007-09-17 05:33:00 -
Crisis hits British lender Northern Rock
CNN Money - ... Thursday because it relies heavily on wholesale money markets for cash, and had been unable to borrow the amounts it required from other banks since the money markets choked up last month. That was caused in part by U.S. banks making mortgage loans ...
2007-09-17 03:17:00 -
National City sees Q3 mortgage loss around $160 mln
Reuters - The Cleveland-based company is making fewer loans it cannot sell to mortgage companies Fannie Mae (FNM.N: Quote , Profile , Research ) and Freddie Mac (FRE.N: Quote , Profile , Research ), has suspended the issuance of home equity loans through brokers ...
2007-09-17 07:21:00 -
National City sees mortgage loss near $160 million
Reuters - The company last month merged its home equity unit into its main mortgage unit. It is also making fewer loans it cannot sell to Fannie Mae (FNM.N: Quote , Profile , Research ) and Freddie Mac (FRE.N: Quote , Profile , Research ), and has suspended issuance ...
2007-09-17 08:04:00 -
Chicago & Los Angeles Lead Top 10 Cities in Nation in High-Cost Loans
Forbes - High-cost" loans are identified in federal mortgage lending data as first-lien loans with interest rates at least three percentage points above the U.S. Treasury standard, which stood at 5.19 percent in mid-July for a 30-year mortgage. In the ...
2007-09-17 07:49:00 -
Merrill Lynch to Cut Mortgage Jobs
FOX News - Part of Merrill's strategy was to convert First Franklin's loans into mortgage-backed securities, and then sell them in the secondary market. Merrill Lynch shares fell $1.21 to $73.44 in morning trading. Copyright 2007 The Associated Press. All rights ...
2007-09-17 08:32:00 -
Zaharoula Mokbel sent to trial
News.com.au - ... 40, who is married to Tony's brother Horty Mokbel, is accused of scamming loans by lying about her employment. Melbourne Magistrates' Court heard Mrs Mokbel falsely claimed she was earning salaries of up to $250,000 in order to secure mortgage loans ...
2007-09-17 08:04:00 -
National City Sees Nearly $160 Million Loss On Mortgage Loans; Files ...
RTT News - 9/17/2007 9:17:45 AM Monday morning, National City Corporation (NCC), in a regulatory filing with the United States Securities and Exchange Commission, said after-tax losses for its mortgage banking division are likely to be close to $160 million in ...
2007-09-17 05:55:00 -
Mutual Funds Struggling to Price Mortgage Bonds Draw SEC Query
Bloomberg - Sept. 17 (Bloomberg) -- U.S. regulators are questioning mutual fund managers who bet on home loans before the subprime mortgage market collapsed, concerned they may overvalue the stakes when selling shares and making payouts to investors. The ...
2007-09-17 08:25:00 -
Northern Rock Sinks Deeper
Forbes - The problems in the credit markets originated in the United States, where, at the tail end of a multiyear housing boom, mortgage loans were made to many unqualified buyers. As housing prices stopped rising and low introductory mortgage rates ended ...
2007-09-17 07:57:00 -
Nat City Mortgage Losses to Rise (AP via Yahoo! Finance)
Regional bank National City Corp. said Monday after-tax losses for its mortgage banking division are likely to be close to $160 million in the third quarter.
2007-09-17 04:27:28 -
National City gloomy on 3Q mortgage loss (bizjournals.com via Yahoo! Finance)
National City Corp. told investors Monday the third-quarter loss it expects from its mortgage division is likely to hit the high end of its projected $130 million to $160 million range.
2007-09-17 08:05:40 -
Merrill Lynch to cut mortgage jobs (AP via Yahoo! News)
Merrill Lynch & Co. on Monday said it will cut jobs at its First Franklin Financial Corp. unit, which it acquired less than a year ago, as weakness in the mortgage market weighs on the lender's business.
2007-09-17 08:20:30 -
Petroleos de Venezuela to Convert Accounts Away From Dollars
Bloomberg - ... said Wee, senior currency economist at DBS. ``This should be another negative in a trend that's already set in the interest-rate ... Fed increased the U.S. money supply to alleviate a shortage of cash sparked by concerns about debt backed by sub-prime ...
2007-09-17 04:15:00 -
Thai bourse investors await US Fed action on sub-prime
Stockhouse Canada - ... prime mortgages and movements of global oil prices before re-entering the market, according to a report issued by Kasikorn Research Centre. The report said SET may continue to rise next week if the US Federal Reserve decides to cut its interest rate ...
2007-09-17 05:05:00