Mortgage and Financial News From 2007-12-11 Page 01

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• 'Virtually impossible' to determine if pension plans hold mortgage ...

  San Diego Union-Tribune - ... and if it does, what those investments are, according to a research report Monday from Credit Suisse. Total pension fund investments in mortgage-related ... At the end of 2006, 115 company pension plans were in bad shape, with less than 80 percent of the ...
  2007-12-11 11:57:00

• Citi splits job, names Pandit CEO

  CNN Money - ... after much speculation that Pandit would assume the throne at Citigroup - one of the companies on Wall Street hardest hit by the ongoing credit crisis. Since the summer, Citigroup has suffered billions of dollars of writedowns due to bad mortgage bets ...
  2007-12-11 02:48:00

• Declining fixed income volume, mortgage troubles to impact Lehman ...

  CNBC - Investment banks continue to be hampered by deterioration in the mortgage market, especially among subprime mortgages given to customers with poor credit ... ending Nov. 30 to not preannounce potential writedowns related to bad bets in the mortgage ...
  2007-12-11 12:47:00

• Credit Verdict

  New York Sun - Markets were clearly mispricing risk, with sub-prime mortgage lending the clearest case of poor lending decisions. However, bad lending decisions were also made with respect to credit card, auto, and home equity lending. So, who is right? It's clear ...
  2007-12-11 09:51:00

• Singletary: Mortgage plan provides no relief

  Kane County Chronicle - ... Bush was announcing a deal to help homeowners struggling with their mortgage payments ... The bad lending practices that prompted people to buy homes they could ill ... And what about prime borrowers, people with good credit who refinanced with ...
  2007-12-11 09:51:00

• Mortgage Mess Gets Messier

  BusinessWeek - Sometimes bad news comes in threes. While the Federal Reserve cut interest rates ... with yet more evidence of the damage these crises are inflicting on the mortgage ... hold residential loans will continue to come under tremendous pressure until credit ...
  2007-12-11 03:17:00

• A Major Federal Indictment Accusing Utahns Of Mortgage Fraud

  KUTV - ... has been tracking bogus real estate deals gone bad and is covering the charges. The deals usually start out with a supposed mortgage expert saying you can be an investor in real estate and it will cost you little or nothing. Your credit is used to ...
  2007-12-11 08:32:00

• Will Refinancing My Mortgage Lower My Monthly Payments?

  Best Syndication - If you have obtained a home Mortgage at a high rate due to bad credit ratings or high prime rates and find that your credit score has improved or prime rates have substantially dropped, you might want to refinance your mortgage. Remember that you ...
  2007-12-11 12:54:00

• Broker's ill tidings push Debenhams to new low

  Daily Telegraph - ... time low of 80¾p following an unwelcome pre-Christmas profit downgrade from Credit ... Rock slid 5.1 to 104.4p on the back of growing fears that the stricken mortgage ... its recommendation from neutral to outperform, arguing that most of the bad news ...
  2007-12-11 09:01:00

• S&P cuts IndyMac's credit rating to 'junk' level on housing woes

  San Diego Union-Tribune - LOS ANGELES – Standard & Poor's said Tuesday it cut IndyMac Bancorp Inc.'s credit rating to “junk” status, citing increased risk the struggling mortgage bank ... battered by the impact of rising home loan defaults on its books, could see more bad ...
  2007-12-11 02:56:00

• Citigroup CEO Pandit Vows `Front-to-Back' Overhaul of Expenses

  Bloomberg - ... may cut costs and sell assets to shore up capital in the face of growing mortgage ... Citigroup's credit rating -- currently AA from Standard & Poor's -- is being ... The bank's Tier 1 capital -- a cushion against bad loans that's monitored by ...
  2007-12-11 10:41:00

• Dow drops nearly 300 points

  MSNBC - ... further cuts are possible if a severe downturn in housing and a crisis in mortgage ... But the Fed is acknowledging that maybe things on Main Street aren't as bad as ... Check your 2007 Credit $0
  2007-12-11 01:08:00

• Mortgage giant warns: 'It's going to get tougher' (Seattle Times)

  The chief executive of Freddie Mac estimated today the mortgage finance company will lose an additional $5.5 billion to $7.5 billion over the next...
  2007-12-11 12:38:19

• Mortgage giants predict a 'very tough' 2008 for loans (The Myrtle Beach Sun News)

  The chief executives of Fannie Mae and Freddie Mac on Tuesday warned their ailing mortgage-finance companies will suffer further in 2008 due to a weakening housing market and rising home-loan defaults. Freddie's CEO, Richard Syron, said the government-sponsored company could lose an additional $5.5 billion to $7.5 billion over the next few years from soured home loans. "I honestly think it's ...
  2007-12-11 09:48:40

• Freddie Mac sees $12bn credit hit (BBC News)

  Freddie Mac, which provides financing to US mortgage lenders, announces huge sub-prime losses.
  2007-12-11 08:00:26

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