Mortgage and Financial News From 2007-11-27 Page 01

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• HomeBanc Mortgage Gets Ch 11 Extension

  Forbes - HomeBanc Mortgage Corp. has won court approval to extend by about four months the ... approved the extension on Monday, giving the liquidating Atlanta-based lender until ... was owed about $68 million at the time HomeBanc joined the crowd of bankrupt home ...
  2007-11-27 02:29:00

• JGBs rise as quick remedy on credit crunch doubted

  Reuters - Wells Fargo & Co (WFC.N: Quote , Profile , Research ), the second-largest U.S. mortgage lender, said on Tuesday it would take a $1.4 billion fourth-quarter charge largely related to losses on home equity loans as the U.S. housing market deteriorates ...
  2007-11-27 10:22:00

• A twisty trail: from Northern Rock to Jersey to a tiny charity

  Guardian Unlimited - ... charity for disabled children while creating an elaborate financial arrangement for maximising profits from home loans. The inquiries will centre on the bank's unusual structure. For while Northern Rock appeared to be a uncomplicated mortgage lender ...
  2007-11-27 05:21:00

• Acuity Brands, Dress Barn, Wells Fargo: U.S. Equity Preview

  Bloomberg - The second-largest U.S. mortgage lender said it will take a $1.4 billion pretax charge tied to increased losses on home equity loans. To contact the reporter on this story: James Temple in San Francisco at jtemple@bloomberg.net ...
  2007-11-27 11:12:00

• Fraud deepens Mich. housing crisis

  Detroit News - Walker's husband had recently died, and she had fallen behind on the mortgage of the Detroit home she'd owned for 17 years. "I ... The true owner loses the home, and the lender loses its loan. Falsifying documents Bogus financial data is used to obtain ...
  2007-11-27 10:14:00

• Oil pressures Asian resources shares

  Financial Times - ... it expects a bigger fourth-quarter net loss at Citigroup, citing further deterioration in capital markets, while Wells Fargo & Co , the second-largest U.S. mortgage lender, said it will take a $1.4bn fourth-quarter charge related to losses on home ...
  2007-11-27 09:17:00

• Asian Stocks Rise in U.S. Trading, Led by Mitsubishi UFJ, Banks

  Bloomberg - ... stocks rebound from their first 10 percent drop in four years amid concern mortgage ... Kookmin Bank, the largest lender in South Korea, gained $2.57 to $68.90. HSBC ... U.S. Consumer Confidence, Home Prices Drop More Than Economists Estimated
  2007-11-27 02:58:00

• Japanese Stocks Fall on Concern Investment Losses Will Spread

  Bloomberg - Wells Fargo, the second-largest U.S. mortgage lender, said after the close of trading in New York it will take a charge to account for expected losses on home-equity loans as the U.S. housing market continues to deteriorate. The company's shares fell ...
  2007-11-27 11:12:00

• Citigroup Pays to Keep Dividend After Mortgage Losses (Update2)

  Bloomberg - Abu Dhabi will receive a higher yield than Bank of America was promised with its $2 billion convertible preferred stock investment in Calabasas, California-based Countrywide, the biggest U.S. mortgage lender. The bank in August agreed to pay Bank of ...
  2007-11-27 03:55:00

• Yen Rebounds; U.S. Bank Losses Erode Confidence in Carry Trade

  Bloomberg - ... sold dollars before the end of the month on speculation the Federal Reserve's Beige Book survey will today show mortgage ... said Akihiro Tanaka, a senior currency dealer in Tokyo at Resona Bank Ltd., Japan's fourth-largest publicly traded lender ...
  2007-11-27 10:57:00

• Housing woes hit Wells Fargo (Pioneer Press)

  Wells Fargo & Co., the second-largest U.S. mortgage lender and Minnesota's largest bank, will take a $1.4 billion pretax charge tied to increased losses on home-equity loans. The stock fell more than 4 percent in extended trading.
  2007-11-27 10:20:23

• Countrywide says lending, borrowing ability sound (Reuters via Yahoo! News)

  Countrywide Financial Corp , the largest U.S. mortgage lender, moved to reassure investors on Tuesday that it is not borrowing too much and will not be constrained in its ability to provide home loans.
  2007-11-27 10:33:25

• UPDATE: Wells Fargo Sets Aside $1.4 Bln To Cover Home Equity Loan Losses (Nasdaq)

  SAN FRANCISCO (Dow Jones) -- Wells Fargo & Co., the second-largest U.S. mortgage lender, said late Tuesday that it will set aside $1.4 billion during the fourth quarter to cover higher losses on home-equity loans caused by deterioration in the real estate market.
  2007-11-27 03:56:47

• Foreclosures by Lender Investigated (New York Times)

  Countrywide Financial, the nation?s largest mortgage lender and loan servicer, has been subpoenaed to determine whether it abused the federal bankruptcy system.
  2007-11-27 08:22:35

• Mortgage lender named in lawsuit (The Post and Courier)

  A Berkeley County homeowner is suing her mortgage lender in federal court, claiming she was sold a risky loan with a low teaser interest rate but was not told how the payments would increase over time or how the loan actually worked. Bonnie Mincey of Hanahan said in court papers that in Ma...
  2007-11-27 10:01:35

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