Mortgage and Financial News From 2007-11-11 Page 4
Previous Day: 2007-11-10
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Yen Rises to 1 1/2-Year High Against Dollar on Risk Reduction
Bloomberg - Exclusive Worldwide Regions Markets Economy Politics Industries Consumer Energy Finance Health Care Insurance Real Estate Technology ... HSBC, Europe's largest bank by market value, is set to announce $1 billion of bad debts stemming from its U.S. mortgage ...
2007-11-10 03:54:00 -
Past housing busts offer guideline
The Columbus Dispatch - PMI Group, a mortgage-insurance company in Walnut Creek, Calif., recently revisited the data on three cities that represented the worst of boom-to-bust real-estate cycles in the past 25 years. It was ugly. Its report took a microeconomic look at Los ...
2007-11-11 04:40:00 -
Financial News: Hedge Fund Makes $3 Billion From Subprime Bet
Beurs.nl - U.S. hedge fund manager Paulson & Co. has turned an investment of almost $500 million at the start of the year into almost $3.6 billion by taking out a form of insurance that started paying out as soon as subprime mortgage securities lost value ...
2007-11-11 03:24:00 -
Bill Aimed at Predatory Refinancing Puts the Wrong Burden on Lenders
Washington Post - A cost-reduction refinance is one in which the new interest rate or mortgage insurance premium is lower than the existing one. In most cases, however, the borrower incurs costs upfront. If there is to be a "net benefit," therefore, the future savings ...
2007-11-09 01:10:00 -
Elizabeth's key goal: protecting her family
Globe and Mail - Mrs. Potato Head from Canada writes: How is it that the banks are still allowed to sell mortgage insurance without underwriting a real policy first? This is not the first time that banks accept the customer with a bare bones medical questionnaire and ...
2007-11-09 03:55:00 -
Insurers to pay $2bn in subprime cases
MSN MoneyCentral - There was never any doubt that the subprime mortgage market collapse would have an insurance impact. The question was one of extent. While estimates vary from $1bn to $3bn, it looks like the reality may settle at the upper end of the scale. The final ...
2007-11-11 12:39:00 -
Shift in bankruptcy laws staggers mortgage holders (Boston Globe)
Washington Mutual Inc. got what it wanted in 2005: a revised bankruptcy code that no longer lets people walk away from credit card bills.
2007-11-11 03:19:52 -
Ohio eyes subprime lenders
Cincinnati Enquirer - COLUMBUS - Ohio's governor and attorney general said Thursday they would issue subpoenas and take other aggressive measures against subprime mortgage lenders. The subpoenas could lead to possible prosecution against lenders under antitrust and civil ...
2007-11-08 03:56:00 -
Asian Stocks May Fall on New Subprime Losses, Strengthening Yen
Bloomberg - Wachovia, the fourth-biggest U.S. bank, said on Nov. 9 it may have lost as much as $1.7 billion this quarter on mortgage- related investments. Bank of America and JPMorgan, the No. 2 and No. 3 lenders, reported that their fourth-quarter results may ...
2007-11-11 03:45:00 -
Pay It Off Later - Debt Is The New American Dream
Free Internet Press - Mortgage lenders have mined even deeper into the ranks of the poor to find takers for their loans. Among the practices included teaser loans that promised low interest rates that jumped up after the first few years. Sub-prime borrowers were told ...
2007-11-11 01:51:00 -
Angelo R. Mozilo has made a fortune shaking up the mortgage industry.
Herald Tribune - At a conference sponsored by the Milken Institute about two weeks ago, for example, he explained that borrowers forced lenders like Countrywide to lower their mortgage standards. The industry faced special pressure from minority advocates to help ...
2007-11-11 02:48:00 -
SUBPRIME LEXICON Subprime lenders reeling from burst
Santa Rosa Press Democrat - At the height of subprime lending in Sonoma County, the industry leader was Long Beach Mortgage, a division of Washington Mutual in Seattle. Long Beach Mortgage made 945 subprime loans in Sonoma County from 2004 through 2006, for $232 million. That ...
2007-11-11 02:48:00 -
HSBC Report May Preview Next Phase in Credit Woes
Wall Street Journal - When British bank HSBC Holdings PLC reports third-quarter results for its U.S. business this week, it will provide an early look at what could be in store for U.S. mortgage lenders, banks with big holdings of securities tied to subprime home loans ...
2007-11-11 04:36:00 -
Mortgage insurers reeling
MSNBC - Most mortgage lenders typically require home buyers to pay for mortgage insurance when they put down less than 20 percent of their home's value. Payouts to the lenders are triggered when borrowers miss payments on home loans. And with falling home ...
2007-11-11 03:02:00 -
Where Were The Realtors? (Forbes)
The subprime mortgage mess has tarnished lenders and mortgage brokers. Will agents be next?
2007-11-11 02:13:21