Mortgage and Financial News From 2007-10-24 Page 14

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  • National City's Net Income Falls on Mortgage Lending (Update2)

    Bloomberg - Fannie Mae, based in Washington, and McLean, Virginia-based Freddie Mac are shareholder-owned companies that own or guarantee about 40 percent of the $10.9 trillion U.S. residential-mortgage debt. The number of Americans who may lose ...
    2007-10-24 06:08:00

  • Mortgage crisis claims 325 jobs in October

    Contra Costa Times - Founded in 1992, Diablo Funding was one of Northern California's biggest independent mortgage companies. "That was a surprise to me," said Don Morton, a real estate consultant with Danville-based Empire Realty Associates. "That was a little scary ...
    2007-10-24 11:02:00

  • Regulators Paved Way for Loan Abuses, Congress Hears (Update1)

    Bloomberg - Subprime borrowers, those with little or poor credit history, were vulnerable to mortgage brokers and finance companies that operate outside of federal oversight, analysts say. RealtyTrac Inc., which compiles statistics on home ownership, said ...
    2007-10-24 11:45:00

  • Sector Roundup: Web Companies, Retailers (AP via Yahoo! Finance)

    Shares of major Internet companies declined Wednesday, with Amazon.com Inc. falling as some analysts worried about the online retailer's third-quarter gross margin and its margin expansion prospects.
    2007-10-24 11:44:32

  • Merrill takes $7.9B mortgage hit (CNN Money)

    Merrill Lynch & Co. Inc. took a $7.9 billion writedown in the third quarter due to bad mortgage bets, well exceeding its initial estimates and raising questions about whether the worst is over for the Wall Street firm.
    2007-10-24 01:22:17

  • Judge Tells Homeowners, New Mortgage Holders To Work Together (WGAL via Yahoo! News)

    Wednesday morning a federal judge in Philadelphia threw out a ruling that had temporarily protected homeowners who had been affected by the sudden closure of Personal Financial Management, a local mortgage company.
    2007-10-24 10:00:02

  • Countrywide Moves to Ease Mortgage Misery (BusinessWeek Online via Yahoo! News)

    On the eve of the mortgage rate resets for a swath of subprime and prime mortgages, Countrywide Financial on Oct. 23 unveiled a new program that will help up to 82,000 homeowners avoid foreclosure by allowing them to refinance or modify their mortgage loans. But analysts say that the program, which the company's COO called an "unprecedented remedy" in a press release, is just calling public ...
    2007-10-24 05:08:41

  • Giuliani Defends, Employs Priest Accused of Molesting Teens

    ABC News - The accusations against Placa were made in testimony before a Suffolk County grand jury in 2002. Tollner, now a mortgage broker in Albany, N.Y., says he was one of three people to testify about Placa. "This man harmed children. He still could do it ...
    2007-10-23 03:35:00

  • Struggling Countrywide offers relief to some borrowers

    Herald Tribune - Countrywide wrote the largest portion of the nation's adjustable-rate mortgages during the recent housing boom, said Marta Grande, a mortgage broker with Commonwealth Mortgage in Sarasota. That could mean other lenders do not feel the need to follow ...
    2007-10-24 01:50:00

  • Merrill Lynch earnings suffer in the wake of CDO and subprime-mortgage ...

    Stockhouse Canada - The broker released a statement noting that: 'We expect market conditions for sub-prime mortgage-related assets to continue to be uncertain and we are working to resolve the remaining impact from our positions ... away from the mortgage-related areas ...
    2007-10-24 08:03:00

  • Merrill takes nearly $8 bln mortgage hit, markets dip

    Marketwatch - the nation's largest broker, reported a loss Wednesday for the third quarter and said its write-downs for bad mortgage loans and related securities was almost $8 billion, well above the firm's own previous estimate from just a few weeks ago. See ...
    2007-10-24 07:05:00

  • Merrill 3Q Roiled by Mortgage Crisis

    Forbes - ... market environment has showed renewed signs of volatility and weakness, as shown by recent downgrades on thousands of mortgage ... The broker reported a loss after paying preferred dividends of $2.31 billion, or $2.82 per share, compared to a profit of $3 ...
    2007-10-24 09:36:00

  • NW corporate results | Cascade Financial, Riverview Bancorp, Seattle ...

    Seattle Times - Higher funding costs and lower income from mortgage-broker loan fees held down profit at the Vancouver, Wash.-based bank. Nonperforming assets were 0.03 percent of total assets, the same level as a year ago. Net interest margin — the profit ...
    2007-10-24 12:03:00

  • Credit crunch hits Pepper Home Loans

    News.com.au - Pepper distributes its loans through broker networks such as Mortgage Choice, Plan and AFG. Pepper is now the country's third largest provider of low doc loans behind Bluestone and Liberty Home Loans. Merrill Lynch's New York-listed scrip has slumped ...
    2007-10-24 07:48:00

  • Witness details alleged mortgage fraud during Katheryn Shields ...

    Kansas City Star - Rhoades testified that in a typical Zwego deal, once a potential property was found to purchase, a mortgage broker would be contacted to arrange an appraisal. They would seek to have the appraiser “get to” a price in excess of the property’s ...
    2007-10-22 05:59:00

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