Mortgage and Financial News From 2007-11-23 Page 8

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  • Freddie to raise $5 bln in preferred stock sale: report

    Washington Post - Until recently, such highly rated bonds were thought to be shielded from woes in the subprime mortgage market for subprime loans. Freddie's finance chief Buddy Piszel told the Wall Street Journal a writedown was not needed and that more than half of ...
    2007-11-23 10:52:00

  • Editorial: Welcome aid for those at risk of foreclosure

    Minneapolis Star Tribune - ... allocate more funds for foreclosure prevention counseling. In addition, banks and other lenders -- including those that purchased bundles of loans and are several transactions away from the original agreement -- must be open to renegotiating mortgage ...
    2007-11-23 03:03:00

  • Why Freddie's Loss Didn't Clear the Air

    Wall Street Journal - Questions remain about the value of the U.S. government-sponsored mortgage company's securities backed by subprime mortgage loans. These are "nonagency" securities, issued by Wall Street firms rather than Freddie or its main rival, Fannie Mae ...
    2007-11-23 09:33:00

  • New worry in Europe over credit crisis

    International Herald Tribune - Like other insurers, most of which are based in the United States or are American-owned, CIFG was at risk because ratings agencies questioned whether it could guarantee deteriorating mortgage loans. In the short term, analysts said, the intervention ...
    2007-11-23 11:42:00

  • COLUMN-UK housing wobbles as credit drains away: James Saft

    Guardian Unlimited - The cause? The same one that brought down Northern Rock, namely that after the subprime debacle investors no longer have much of an appetite for securities backed by mortgage loans, no matter how high the rating or simple the structure.
    2007-11-23 10:23:00

  • H&R Block's Option One lifts financing

    Boston Globe - In a filing with the Securities and Exchange Commission, Kansas City, Mo.-based H&R Block also said Option One ended its $750 million warehouse credit line with Greenwich Capital, which had been available to fund new mortgage loans. But as the ...
    2007-11-23 07:32:00

  • UK lenders retighten rules for new flats

    Financial Times - Mortgage lenders have further tightened their criteria for loans on all new-build flats in the latest sign of growing nervousness about the housing market as new figures showed a “stunning” slump in mortgage lending in the autumn. Alliance ...
    2007-11-23 02:34:00

  • UK housing wobbles as credit drains away: James Saft

    Reuters - The same one that brought down Northern Rock (NRK.L: Quote , Profile , Research ), namely that after the subprime debacle investors no longer have much of an appetite for securities backed by mortgage loans, no matter how high the rating or simple the ...
    2007-11-23 10:52:00

  • Fannie and Freddie pullback would devastate economy

    Reuters - Fannie Mae and Freddie Mac own or guarantee a combined $4.8 trillion of U.S. home mortgage loans of more than 40 percent of the total outstanding. That size, in part, explains why Fannie Mae and Freddie Mac are likely to survive the current housing ...
    2007-11-23 12:11:00

  • Mortgage meltdown's nightmare scenario

    MSNBC - A sign stands outside an existing home on the market in central Denver. Some 2 million homeowners hold $600 billion of subprime adjustable-rate mortgage loans, known as ARMs, that are due to reset at higher amounts during the next eight months. NEW ...
    2007-11-23 10:38:00

  • ARMs Control: How to Avoid Mortgage-Reset Grief

    Wall Street Journal - Pay attention to the details if you have an adjustable-rate mortgage. A slew of three-year ARMs are due to reset to higher rates over the next 18 months, and many homeowners aren't prepared. ARMs are mortgage loans with payments based on indexes that ...
    2007-11-23 03:03:00

  • Australian Central Bank Buys Record Mortgage Bonds (Update2) (Bloomberg.com)

    Nov. 23 (Bloomberg) -- Australia's central bank bought A$500 million ($435 million) of bonds backed by home loans this week, its biggest purchase since announcing it would buy the securities to support the nation's asset-backed debt market.
    2007-11-22 11:42:45

  • U.K. Mortgage Approvals Fell 37% in October on Year, BBA Says (Bloomberg.com)

    Nov. 23 (Bloomberg) -- U.K. banks approved fewer home loans in October as higher interest rates made debt more expensive, the British Bankers' Association said.
    2007-11-23 02:16:52

  • Mortgage Slump Could Derail Economy (AP via Yahoo! Finance)

    When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get.
    2007-11-23 10:39:43

  • Japan's banks take $2.1B mortgage hit (CNN Money)

    TOKYO (AP) -- Japanese financial institutions lost as much as $2.1 billion from investments related to risky U.S. housing loans in the first half of fiscal 2007, according to a government estimate published by Japanese newspapers Friday.
    2007-11-23 05:41:30

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