Mortgage and Financial News From 2007-8-24 Page 4

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• Credit crunch absent from ads (The Nashua Telegraph)

  On aol.com this week, the Internet-based loan company Lending Tree offered "bad credit options" and a $425,000 loan for only $1,376 a month. And Countrywide Financial Corp., the nation's largest lender, declared "Bad Credit? Call Today. ... - By NANCY TREJOS The Washington Post
  2007-08-24 04:19:10

• Economy weathers mortgage woes (Atlanta Journal-Constitution)

  The Congressional Budget Office delivered a double dose of good news Thursday, saying the federal deficit is shrinking rapidly and the economy is still growing, despite a credit crunch. But bad news is coming unless Congress changes course, CBO Director Peter Orszag warned. "We are on an unsustainable fiscal path" that will lead to crushing deficits in coming decades, he said.
  2007-08-23 11:13:10

• Central Banks Play `Whac-A-Mole' in Credit Freeze: Mark Gilbert (Bloomberg.com)

  Aug. 24 (Bloomberg) -- As global credit markets petrify, central banks are playing ``Whac-A-Mole'' with the hammer of overnight funds to bash down short-term interest rates. At least the ridiculous claims that the subprime crisis is confined to the U.S. mortgage market have subsided.
  2007-08-24 07:28:24

• Wachovia takes on doubters

  Baltimore Sun - ... Corp.'s $24 billion purchase last year of one of the country's largest mortgage ... No question [the current environment] is going to continue to put pressure on the ... said Gary Townsend, an analyst with Friedman, Billings, Ramsey & Co., who rates ...
  2007-08-24 01:09:00

• Warning: Mortgage foreclosure rescue scams growing rapidly

  Network World Fusion - ... are in a bad situation, there’s always some online scam artist there to relieve them of their money .  The current mortgage money ... Not surprisingly, states with the highest foreclosure rates—such as Georgia, Colorado and Ohio—have an ...
  2007-08-24 01:59:00

• Loan papers lost in translation

  Oakland Tribune - ... of California home buyers who don't speak fluent English and could be helped by state law ensuring home loan documents with translated summaries disclosing mortgage terms, percentage rates and fees. That law may not be AB512, a bill amending current ...
  2007-08-24 05:55:00

• Fitch Cuts Countrywide Ratings

  MSN MoneyCentral - Fitch will continue to closely monitor CHL's financial condition and its ability to maintain current servicing ... Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. The ...
  2007-08-24 05:48:00

• Asia May Avoid Mortgage Crisis Fallout (AP via Yahoo! Finance)

  College senior Kim Mi-jin is unfazed by global financial turmoil, sitting in a Starbucks near the old royal palace studying for an exam to be a securities consultant. "I feel like it's a short-term factor," she says of U.S. subprime mortgage woes that have rattled markets from New York to New Delhi.
  2007-08-24 08:51:37

• Internet SoundExchange Offers Webcasters New Rates

  DailyTech - In fact, if we extrapolate our current revenue to royalty ratio, our rates would go from $150,000 to $5 million at the point we hit the $1.25 ... This is an unworkable offer, and it is not in any webcaster's interest to accept this offer,” wrote ...
  2007-08-24 01:09:00

• Sarkozy praises Fed's discount-rate cut in response to credit crisis

  Forbes - ... the Federal Reserve's move to cut its discount rate last week, calling it an 'interesting response' to the current credit ... Can we deprive ourselves of the weapon of interest rates in the face of a crisis such as that which we are experiencing at the ...
  2007-08-24 11:50:00

• France Says September ECB Rate Rise Not Done Deal

  CNBC - ... on the European Central Bank to take account of global financial market turmoil and economic growth when setting interest rates ... Can we deprive ourselves of the rate weapon in the face of a crisis like the current one?" Separately, Economy Minister ...
  2007-08-24 11:00:00

• Their hair is on fire

  USA Today - If you suspect interest rates will fall, as many economists do, then this is a good time to lock in current rates. "If you're looking to diversify your portfolio or generate interest income, these long-term CDs look mighty appealing as we stare at ...
  2007-08-23 12:53:00

• Mega Millions, Powerball Jackpots Top $200 Million (Update1)

  Bloomberg - The current Powerball jackpot is the game's fourth-largest ever and the eighth-largest in world lottery history, said Elizabeth Brassell, a spokeswoman for the Pennsylvania Lottery. It has rolled over 16 times since June 30, she said. Today ...
  2007-08-24 03:32:00

• Home sales rise, factory orders up

  FXStreet.com - It was a much more sober assessment than they had offered just 10 days earlier when they met to examine economic conditions and interest rates. Against this backdrop, the central bank sliced the rate it charges banks for loans, a narrowly tailored ...
  2007-08-24 03:39:00

• New US housing figures ease pressure on Fed

  Times Online - ... interest rates ... current credit conditions problem." The dollar fell against the yen and the euro as traders began to predict the Fed will cut the cost of borrowing by 0.25 per cent at its two-day meeting on September 18. This would cut interest rates ...
  2007-08-24 02:42:00

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