Mortgage and Financial News From 2009-2-17 Page 01
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Largest banks that received aid cut lending - MSNBC
GM and its union are lose to an agreement on concessions just hours before GM and Chrysler must submit a restructuring plan to the Treasury Department to justify its federal loans. WASHINGTON - The government says the 20 largest banks that received ...
2009-02-17 05:03:00 -
Obama to detail mortgage relief plan on Wednesday - Marketwatch
WASHINGTON (MarketWatch) - In its latest effort to stem the financial crisis, the Obama administration plans to announce details about a $50 billion program to modify mortgages for troubled homeowners on Wednesday. President Obama and Housing and ...
2009-02-16 05:55:00 -
Westpac to lose $300m from Babcock exposure - Adelaide Now
WESTPAC's $300 million exposure to struggling investment firm Babcock & Brown pushed the bank's impaired loans up $930 million during the first quarter of financial year 2009. Westpac chief financial officer Phil Coffey told analysts that impairment ...
2009-02-17 07:27:00 -
New Mortgage Plan to Focus on Lowering Payments - Washington Post
Resize When President Obama announces his $50 billion foreclosure prevention program in Arizona today, it will represent one of the most ambitious efforts yet to turn around the worst housing crisis in decades. The plan will include several elements ...
2009-02-17 09:57:00 -
PNC, Citizens suspend mortgage foreclosures - Pittsburgh Tribune Review
PNC Financial Services Group Inc. and Citizens Bank on Tuesday placed moratoriums on new and pending home foreclosures, the first big Pittsburgh-area banks to aid mortgage holders struggling to make payments during the recession. The moratorium on ...
2009-02-17 10:47:00 -
SBI, HDFC in war of words over home loan rate - MSN India
Mumbai: State Bank of India's decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country's largest mortgage player HDFC on Tuesday terming the move as a 'gimmick'. SBI executives retorted by ...
2009-02-17 10:11:00 -
Generation Mortgage Takes a Stand for Reverse Mortgage Industry - PR Newswire
ATLANTA, Feb. 17 /PRNewswire/ -- Generation Mortgage Company(TM), a leading nationwide retailer and wholesaler of reverse mortgages released the following statement today admonishing Consumer Reports Magazine for what Joe Morris, chief executive ...
2009-02-17 03:59:00 -
Housing Fix's Challenge: Making Modified Loans Attractive - Wall Street Journal
The Obama administration's housing plan, set to be rolled out Wednesday, will have to reckon with a little-understood fact underlying current efforts to slow foreclosures: More than half of mortgage modifications have left borrowers with the same or ...
2009-02-17 08:38:00 -
Treasury Department sees modest cutback in bank lending (Los Angeles Times)
A survey of 20 major banks leaves unanswered the question of how well the government bailout is working. The nation's major banks modestly reduced their overall lending in recent months, even while they were collecting nearly $200 billion in federal bailout funds, the Treasury Department said Tuesday in its first progress report on the banking rescue program.
2009-02-17 11:14:10 -
Rethink credit crisis (Technician)
As I said in a previous column, the financial sector's crisis right now is a result of a glut of housing and a government regulation that encouraged lending to people that normally wouldn't have qualified under more conservative regulations.
2009-02-17 11:14:37 -
Obama signs stimulus bill, attention turns to housing (Deccan Herald)
I don't want to pretend that today marks the end of our economic problems, Obama said ahead of the signing.
2009-02-17 11:16:39 -
Treasuries Little Changed as U.S. Prepares Record Debt Sales (Bloomberg)
Feb. 18 (Bloomberg) -- Treasury notes were little changed on speculation a rally that pushed yields to a three-week low will pause as the government sells record amounts of debt to fund its spending proposals.
2009-02-17 11:23:49 -
20 largest banks in rescue slightly reduced lending (Winston-Salem Journal)
WASHINGTON -- The 20 largest banks that received government-rescue money slightly reduced their lending to consumers and businesses in the last three months of 2008, the government said yesterday.
2009-02-17 11:23:59 -
Nouriel Roubini: Time to nationalise insolvent banks (Business Standard India)
Of all the options before western economies, ‘government receivership’ of insolvent banks is the best, says Nouriel Roubini.
2009-02-17 11:25:40 -
Mortgage aid follows stimulus; stocks fade (Asheville Citizen-Times)
DENVER – Racing to reverse the country's economic spiral, President Barack Obama signed a mammoth stimulus package into law Tuesday and readied a $50 billion rescue plan for today's announcement to help legions of homeowners who are facing foreclosure.
2009-02-17 11:26:18