Mortgage and Financial News From 2007-12-5 Page 01

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• U.S. economy jolted by subprime troubles

  Xinhua News Agency - If the housing boom could sustain, just as subprime borrowers and lenders had wished, home buyers with lower credit and income would be able to refinance their homes or simply sell them when they had difficulties keeping up with their payments ...
  2007-12-05 09:51:00

• Credit unions help subprime borrowers

  Raleigh News & Observer - Outreach programs aimed at people hurt by subprime mortgages have enabled nearly 500 homeowners across the state to refinance about $69 million in home loans. The programs, introduced this year by two credit unions that cater to state and local ...
  2007-12-05 11:31:00

• Bill Coming Due on Sinking Home Equity (San Francisco Chronicle)

  Homeowners started losing hold of their homes years before spiking foreclosures and the housing slump slammed the economy. Piece by piece, some gave away their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others...
  2007-12-05 12:03:19

• Bill coming due on sinking home equity (El Paso Times)

  NEW YORK—Homeowners started losing hold of their homes years before spiking foreclosures and the housing slump slammed the economy. Piece by piece, some gave away their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick.
  2007-12-05 09:28:42

• Bill coming due on sinking home equity (The Bellingham Herald)

  A home for sale in Lockport, N.Y. is seen in this Nov. 27, 2007 file photo. During the country's most recent housing boom, the term "homeowner" became a misnomer as home equity fell even though values increased for more than a decade.
  2007-12-05 11:50:35

• Todays Letters: Don't reject tax relief because it's not enough

  St. Petersburg Times - I have been a mortgage broker in the area for 10 years. During the first seven years ... of homeowners who worked and saved for a 20 percent down payment, had good credit ... Too bad there are not more of his type in the world and fewer of the David ...
  2007-12-05 10:34:00

• ECB Expected to Keep Rates Steady

  Forbes - ... until it can get a clearer view of how ripples from the U.S. subprime mortgage morass ... about either a dramatic slowing of growth prospects or an impairment of credit ... that originated in the United States and snaked worldwide because the bad loans ...
  2007-12-05 10:34:00

• Innumeracy is pushing the economy off a cliff

  Daily Telegraph - ... is under pressure; people's disposable income is taking a knock, and there are now 1.5 million people who face being unable to make their mortgage payments; and though the credit crisis is a global phenomenon, Britain's position is especially bad ...
  2007-12-05 04:36:00

• Fannie Mae reporting credit losses to worsen

  Eyewitness News - WASHINGTON (AP) - Fannie Mae disclosed to investors and regulators on Wednesday that it expects credit losses from bad loans to worsen in 2008. The government-sponsored mortgage finance company also said its mortgage investment portfolio shrank by ...
  2007-12-05 11:35:00

• Capital markets: Credit concerns failing to faze steely investors

  Financial Times - The subprime mortgage crisis has upset investors far beyond the US. Asian markets were not immune to the ... Currency markets have been much more volatile as a result of the credit squeeze. Each piece of good or bad news sends the dollar up or down ...
  2007-12-05 02:20:00

• Sri Lanka inflation caused by govt. credit, not private sector: IMF

  Lanka Business Online - ... analysts have also been warning that loose monetary policy since mid 2004 would eventually fire a credit bubble by bank which later result in bad loans when monetary policy was tightened. IMF said there was evidence of asset price bubble. Mortgage ...
  2007-12-05 06:59:00

• Government ramps up call for involvement in mortgage industry

  San Francisco Gate - A widely circulated Goldman Sachs report last month said more than $100 billion in additional bank write-offs and losses are on the horizon due to bad mortgage investments. And it warned that credit card debt and auto loans could be the next sectors ...
  2007-12-02 03:56:00

• Bush Wins Agreement To Freeze Mortgages

  Washington Post - President Bush will announce this afternoon an agreement with major mortgage firms to ... crisis but some conservatives say amounts to a bailout of people who made bad ... about $200 million -- would go to nonprofit groups staffing a national credit ...
  2007-12-05 10:05:00

• At-risk homeowners to get fed help

  Detroit News - ... day of reckoning next summer, when they'd discover just how many loans would go bad and how big their losses would be. But a mortgage rate freeze means they could wait as long as another five years to get to the bottom line. "What the credit market ...
  2007-12-05 10:12:00

• Fannie Mae, Guess among big movers

  Boston Globe - The government-sponsored mortgage finance company cut its dividend by 30 percent and will sell special stock to withstand credit losses from bad loans. Guess Inc., up $2.30 at $45.78 Third-quarter profit and sales topped Wall Street expectations, as ...
  2007-12-05 03:31:00

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