Mortgage and Financial News From 2007-8-27 Page 17

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  • Bad credit tops terror as risk to economy

    MSNBC - The market turmoil began earlier this year, when mortgage lenders like New Century Financial Corp. and H&R Block Inc.’s Option One Mortgage Corp. unit reported their clients were missing payments on their home loans more frequently. This led the ...
    2007-08-27 06:17:00

  • Mortgage advertisements still deceiving home buyers

    Rutland Herald - Wall Street may have soured on the mortgage business. But on television, radio and the Internet, the industry is as ebullient as ever. For example, Quicken Loans, no longer affiliated with the makers of Quicken software but the nation's 25th-biggest ...
    2007-08-27 06:53:00

  • Dana may consider bankruptcy-exit offer

    Detroit Free Press - The financiers invoked new bankruptcy laws and deal forms that allow them to reclaim mortgage loans funded with their money without waiting for the end of a Chapter 11 proceeding. In arguing for rights to its loans, Morgan Stanley said it was worried ...
    2007-08-27 06:53:00

  • Delinquencies from low-doc loans hit record

    News.com.au - Moreover, Moody's considers that despite some deterioration in performance, the Australian non-conforming sector remains distinct from the US sub-prime mortgage market," Ms Serov said. "While non-conforming loans are the nearest thing in Australia to ...
    2007-08-27 03:54:00

  • 'Old-fashioned' banks weather the current storm over credit

    Worldnews.com - Click photo to enlargeGreenPoint's business , along with such rivals as Countrywide Financial Corp., was making mortgage loans through independent brokers, and selling them almost immediately to Wall Street investment bankers.WASHINGTON - Richard ...
    2007-08-27 05:27:00

  • More Indian Outsourcers Hit by US Mortgage Crisis (ComputerWire via Yahoo!7 News)

    The subprime mortgage crisis continues to rattle through the outsourcing sector, prompting more Indian firms to warn that certain mortgage clients are tapering down their engagements.
    2007-08-27 05:44:26

  • Jeffery R. Scharf: Everybody's Business: The unraveling of Countrywide

    Santa Cruz Sentinel - When asked why Countrywide waited until mid-2007 to eliminate second mortgages, 2/28 loans, no doc loans with greater than 90 percent loan to value ratios and all loans with 100 percent financing, Mozilo replied, "We would have had to really stop ...
    2007-08-26 11:48:00

  • Wary calm in Asia ahead of central bank views

    Boston Globe - A survey of U.S. business economists showed the risk of massive defaults on subprime mortgages and heavy debts was now seen ... July existing home sales and preliminary second-quarter growth data and what they mean for the prospects of a cut in the ...
    2007-08-27 05:49:00

  • Pallotta Says Market Turmoil `Crushed' Raptor Trades (Update1)

    Bloomberg - ... of hindsight)'' of the coming meltdown in June when two Bear Stearns Cos. hedge funds collapsed following losses in mortgages ... Credit Suisse Hires JPMorgan's Rob Jesudason to Head Asia Financial Group Suncorp-Metway Second-Half Profit Rises ...
    2007-08-24 12:59:00

  • Bank profits may well suffer, but credit crisis hardly leaves them ...

    International Herald Tribune - Problems with subprime mortgages accelerated into a crisis in the credit markets, prompting the Federal Reserve and other ... Citigroup, for example, reported second-quarter net income of $6.23 billion, up 18 percent; Bank of America had a 5.2 ...
    2007-08-27 05:49:00

  • Germany's LBBW Buys Stricken State Bank SachsenLB

    CNBC - ... US$340 million) in capital to prop up SachsenLB, which ran into trouble this month over investments linked to risky mortgages ... ran into trouble and required a 17 billion-euro credit line from a group of German banks, followed by trouble at a second ...
    2007-08-27 05:06:00

  • Sachsen's 'Conduit' Hit

    Wall Street Journal - ... conduit holding €3.2 billion of securities exposed to U.S. subprime loans, or mortgages to borrowers with spotty credit records. Some bank conduits in recent weeks became cash-needy as investors balked at buying conduit IOUs. Sachsen is the second ...
    2007-08-27 03:54:00

  • Paper Losses

    CFO.com - The second worry, about the mortgage collateral, is particularly stark. Rating agencies badly misjudged default rates in subprime mortgages and are now having to downgrade reams of securities linked to them. With the credibility of ratings in tatters ...
    2007-08-27 06:10:00

  • Drilling contractors to combine; Halliburton reports income boost in ...

    Worldnews.com - Halliburton reports income boost in second quarter Austin American Statesman OIL AND GAS 2 drilling contractors agree to ... able to get a mortgage from Countrywide Financial Corp., but the troubled lender, the nation's largest seller of home mortgages ...
    2007-08-26 11:37:00

  • COUNTY SET TO BREAK FORECLOSURE MARK

    Morning Journal - When the group first met months ago, Bellamy said there was a chance to give residents facing foreclosures a ''mulligan'' -- a second chance to keep their homes by changing the terms of their mortgages. But Bellamy said he hasn't seen any signs that ...
    2007-08-27 05:13:00

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