Mortgage and Financial News From 2007-12-18 Page 01

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• Fed targets risky lending

  Chicago Tribune - Yield-spread premiums," paid to mortgage brokers for selling higher-cost loans, would be banned for both prime and subprime loans, unless brokers disclose the compensation in writing. The proposals also would require some mortgage advertising to ...
  2007-12-18 09:57:00

• Ministers agree to insure £10bn of commercial loans

  Guardian Unlimited - Ministers agreed to in effect insure about £10bn of commercial loans and offer protection for several other important areas of the bank's mortgage business to head off downgrades in financial status by the main ratings agencies. The move was in ...
  2007-12-18 06:29:00

• Many Hoping for Results From FutureGen

  Newsday - The state also has set aside $50 million for below-market rate loans to the FutureGen Alliance, which includes major U.S. coal-burning utilities American Electric Power Co. and Southern Co., and the country's largest coal producer, Peabody Energy Corp
  2007-12-18 10:04:00

• PRESS DIGEST - New York Times business news - Dec 19

  Reuters - The Federal Reserve, acknowledging that home mortgage lenders aggressively sold deceptive loans to borrowers who had little chance of repaying them, proposed a broad set of restrictions Tuesday on exotic mortgages and high-cost loans for people with ...
  2007-12-18 10:47:00

• Fifth Third Warns on Profits

  Street.Com - The increase in allowance for loan losses is being driven primarily by higher allocations related to home equity loans as well as commercial construction and commercial mortgage loans." The increases in charge-off ratios within the consumer ...
  2007-12-18 03:23:00

• Fifth Third Quarter Results to Fall Short of Estimates

  CNBC - The bank faces higher losses on home equity loans, and commercial construction and mortgage loans in Eastern Michigan and Florida. That includes non-performing loans acquired when it bought R-G Crown Bank in November.  Fifth Third set aside $107 ...
  2007-12-18 03:09:00

• Rock nationalisation closer

  Financial Times - Although Granite is excluded, the guarantee could be used if Northern Rock could not afford to repurchase some mortgage loans out of the programme. Certain derivatives underpinning Granite are included. If Northern Rock were to be nationalised, the ...
  2007-12-18 10:25:00

• Paulson says mortgage relief plan not a bailout

  Reuters - Earlier this month, Paulson unveiled a proposal that would temporarily freeze low introductory or "teaser" rates on subprime mortgage loans for five years so that borrowers would not face the loss of their homes when their loans reset at higher ...
  2007-12-18 09:04:00

• Fed tries to curb excesses in loans

  Boston Globe - The Federal Reserve moved yesterday to limit mortgage industry practices that led to an explosion in foreclosures, including paying bonuses to brokers for selling loans with higher interest rates and charging penalty fees to borrowers for refinancing ...
  2007-12-18 11:23:00

• Fed passes reforms to combat subprime mortgage crisis

  Christian Science Monitor - Banks have become particularly wary about making mortgage loans to anyone but the best borrowers because of enormous losses. Many of the mortgage brokers who made the most egregious loans are now out of business. "The market ...
  2007-12-18 03:52:00

• Fed looks to rein in lenders

  Los Angeles Times - WASHINGTON -- The Federal Reserve on Tuesday proposed new mortgage lending rules to protect consumers against fraud and deception, but consumer advocates said lenders would still have the ability to make the kinds of bad loans that triggered the sub ...
  2007-12-18 10:54:00

• Fed plan reins in dicey mortgage policies (USA Today)

  The Federal Reserve, criticized for standing aside as risky subprime mortgage lending soared then crashed, did an about-face Tuesday by proposing sweeping new consumer protections.
  2007-12-18 10:34:14

• Thornburg Mortgage names new CEO, brings back dividend (Market Watch)

  Thornburg Mortgage Inc., a provider of home loans that has been socked by the turmoil in mortgage and credit markets, says Larry Goldstone has been promoted to chief executive.
  2007-12-18 08:04:38

• Critics say Fed's mortgage limits are too little, too late (Seattle Post-Intelligencer)

  WASHINGTON -- The Federal Reserve, acknowledging that home mortgage lenders peddled deceptive loans to borrowers who had little chance of repaying them, proposed a broad set of new restrictions Tuesday on exotic mortgages and high-cost loans for people with weak credit.
  2007-12-18 08:38:59

• 31 Accused in Florida of Falsifying Home Loans (NYTimes.com via Yahoo! Finance)

  Federal prosecutors said they uncovered a mortgage fraud scheme involving at least 28 properties in South Florida and fraudulent loans totaling more than $14.2 million.
  2007-12-18 06:55:47

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