Mortgage and Financial News From 2007-8-24
Previous Day: 2007-08-23
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Navigating subprime securities
CNN Money - The only entity that really understood the true value and risk in a mortgage-backed security or a CDO was the mortgage broker who originated the loans that made up the underlying assets," explains Niket Patankar, CEO of hedge fund advisory company ...
2007-08-23 11:01:00 -
Lehman closes mortgage subsidiary
Taipei Times - On a smaller scale, Wall Street investment bank and broker Bear Stearns cut 240 positions in its mortgage business this month, while Countrywide Financial, the US' biggest mortgage firm, is also trimming its headcount. But Challenger said there could ...
2007-08-24 12:16:00 -
Troubled Northern Rock stages retreat from sub-prime market
Times Online - Ray Boulger, technical director for John Charcol, the mortgage broker, said: “By putting their rates up to this level, Northern Rock have taken themselves out of the market. But by keeping some rates there, they’re giving themselves the option to ...
2007-08-23 09:53:00 -
Island Escapes Mortgage Crisis
Vineyard Gazette - Mortgage broker resellers developed an arsenal of costly temporary financing devices to qualify buyers for mortgaging, including no down payments, adjustable rate mortgages with high rate options, second mortgages, home equity and personal loans and ...
2007-08-24 12:09:00 -
Wachovia stops some mortgage loan products
Worldnews.com - Mortgage Mess Creates Lending Drought Examiner SAN FRANCISCO (, ) - Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. As more lenders ...
2007-08-24 01:27:00 -
'Liar Loans' Rock Mortgage Market
KPIX - (CBS 5) Beverly and Dwayne -- who didn't want last names used -- say they're losing their house because their real estate broker lied on the loan application -- saying Dwayne makes an impressive $8,000 a month. "Right now I'm living from paycheck to ...
2007-08-24 12:52:00 -
Mortgage broker to plead to fraud
Maryland Daily Record - A Baltimore mortgage broker is expected to plead guilty Friday to federal wire fraud charges, following an indictment that claims she fudged employment and income information for two borrowers who were separately accused of drug dealing and money ...
2007-08-23 11:19:00 -
Island Escapes Mortgage Crisis (Vineyard Gazette)
Your mortgage is safe if you borrowed locally, and credit-worthy customers can obtain a local mortgage as easily as last year, Vineyard bankers said this week.
2007-08-24 12:26:51 -
• It Is Better to Work with the Right Mortgage Broker (Turks.US)
When it comes with buying or investing a property in Florida real estate, there are very important factors that you have to look up to obtain success. Definitely, you want to end up with success and not with frustration and embarrassment.
2007-08-23 04:23:19 -
'Liar Loans' Rock Mortgage Market (CBS 5 Bay Area)
Beverly and Dwayne -- who didn't want last names used -- say they're losing their house because their real estate broker lied on the loan application -- saying Dwayne makes an impressive $8,000 a month.
2007-08-24 12:34:00 -
Mortgage broker to plead to fraud (The Daily Record)
A Baltimore mortgage broker is expected to plead guilty Friday to federal wire fraud charges, following an indictment that claims she fudged employment and income information for two borrowers who were separately accused of drug dealing and money laundering.
2007-08-23 11:28:01 -
Business Minute: Stocks sputter...Jobless claims dip slightly ...
WDAM-TV - Business Minute: Stocks sputter...Jobless claims dip slightly...Mortgage rates slide ... WASHINGTON (AP) - Rates on 30-year, fixed-rate mortgages have dipped to their lowest point since late May. Freddie Mac says the average this week is at ...
2007-08-23 03:48:00 -
UPDATE 1-Moody's, S&P may still cut Countrywide ratings
Reuters - ... of America Corp.(BAC.N: Quote , Profile , Research ), helping the largest U.S. mortgage ... S&P rates Countrywide "A-minus," the seventh-highest investment-grade ranking. ... senior debt of Countrywide and its unit Countrywide Home Loans "Baa3," the lowest ...
2007-08-23 07:37:00 -
Herb's consumer tidbits for the day
KOMO-TV - A report released on Thursday shows mortgage rates slipped this week, which is good news for those who want to borrow to buy a house. Rates on 30-year fixed-rate mortgages have dipped to their lowest point since last May. That means the cost of ...
2007-08-23 11:33:00 -
Moody's may slash Countrywide debt to junk
CNN Money - ... up $0.09 to $51.74, Charts , Fortune 500 ), helping the largest U.S. mortgage lender shore up its finances as it struggles with a liquidity crunch. Moody's rates the senior debt of Countrywide and its unit Countrywide Home Loans "Baa3," the lowest ...
2007-08-23 06:32:00