Mortgage and Financial News From 2007-10-24 Page 17

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  • A.M. Best Places Ratings of Beneficial Life Insurance Company Under Review With Negative Implications (Business Wire via Yahoo! Finance)

    OLDWICK, N.J.----A.M. Best Co. has placed the financial strength rating of A of Beneficial Life Insurance Company under review with negative implications due to concerns regarding material losses in its mortgage-backed securities portfolio and risk management practices for monitoring investment credit risk.
    2007-10-23 10:04:00

  • Legislative proposals on reforming mortgage practices (Federal Reserve Board)

    Chairman Frank, Ranking Member Bachus, and members of the Committee, I appreciate the opportunity to appear before you today, to discuss recent problems in the subprime mortgage market, Federal Reserve actions that address these developments, and potential legislative responses.
    2007-10-24 07:12:19

  • Ahead of the Bell: Mortgage Legislation (AP via Yahoo! Finance)

    Banking regulators, mortgage industry lobbyists and activists will come to Capitol Hill on Wednesday to discuss major changes to mortgage industry laws, as the industry copes with a surge in defaults.
    2007-10-24 03:09:34

  • Money Matters: New Maine law targets predatory lenders

    Portsmouth Herald - A number of mortgage lenders took advantage of the frenzy by designing creative financing strategies and loosening their underwriting standards. Interest-only loans became commonplace, but borrowers were generally unconcerned about the fact that they ...
    2007-10-24 02:48:00

  • Hudson City Bancorp, Inc. Reports Record Third Quarter Earnings Per ...

    MSN MoneyCentral - These earnings occurred in a quarter that found many mortgage lenders struggling. While we are not immune from economic and market conditions our earnings have not been significantly affected by the current mortgage-market turmoil since we only ...
    2007-10-24 04:07:00

  • Hudson City 3Q profit up 5 percent

    CNBC - These earnings occurred in a quarter that found many mortgage lenders struggling," Chief Executive Ronald E. Hermance Jr. said in a statement. "While we are not immune from economic and market conditions, our earnings have not been significantly ...
    2007-10-24 07:20:00

  • Kroszner says Fed to issue rule cracking down on abusive subprime ...

    Forbes - We plan to propose rules by the end of this year that would apply to sub-prime loans offered by all mortgage lenders.' Specifically, he said the Fed is 'looking closely' at practices such as prepayment penalties, failing to offer escrow accounts for ...
    2007-10-24 08:31:00

  • Countrywide Partners With Group to Stem Foreclosures (Update1)

    Bloomberg - Chairman Sheila Bair and other federal regulators have urged U.S. mortgage lenders to modify loans for borrowers who can't keep up with their monthly payments. In August, the Neighborhood Assistance Corporation asked the Treasury ...
    2007-10-24 06:37:00

  • Bank Regulators Paved Way for Subprime Abuses, Congress to Hear

    Bloomberg - Oct. 24 (Bloomberg) -- U.S. lawmakers will hear testimony today that federal banking regulators opened the door to subprime-mortgage lenders in low-income neighborhoods through lax enforcement of community-investment rules. Banks, required by a 1977 ...
    2007-10-24 04:35:00

  • Pass credit test by keeping UK presence

    Daily Telegraph - Mortgage lenders have rejected 738,000 loan applications in the past six months, as they move towards tighter lending criteria to protect themselves from the credit crunch. The figure, from moneyexpert.com, is a 60 per cent increase since March, and ...
    2007-10-24 06:15:00

  • Alliance & Leicester, Bradford & Bingley sound, but challenges ahead ...

    CNBC - MUMBAI (Thomson Financial) - Fitch Ratings said UK's mid-sized mortgage lenders - Alliance & Leicester PLC and Bradford & Bingley PLC - appear soundly positioned to weather continued difficult operating conditions, but like their peers, they face a ...
    2007-10-24 07:48:00

  • Lenders trying to help owners out (Daily Press)

    As foreclosures surge, mortgage lenders are feeling the pressure to offer borrowers some relief. Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday that it would begin calling borrowers to offer refinancing or modifications on $16 billion in loans with interest rates set to adjust by the end of 2008.
    2007-10-24 03:54:17

  • Mortgage lenders catching heat all around (UPI)

    The U.S. mortgage lending industry has come under fire from credit counselors, regulators and lawmakers, all seeking to help at-risk borrowers.
    2007-10-23 04:42:15

  • Gain Invaluable Insights Into How Australian Lenders Can Achieve Success Using The Mortgage Broker Channel (Business Wire via Yahoo!7 Finance)

    Research and Markets (http://www.researchandmarkets.com/reports/c72359) has announced the addition of "The Australian Mortgage Broker Survey 2007: The Broker-Lender Relationship" to their offering.
    2007-10-23 07:00:00

  • Mortgage Lenders Pressured To Offer Borrowers Relief As Foreclosures Surge (New London Day)

    Los Angeles — Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans with interest rates set to adjust by the end of 2008.
    2007-10-24 03:49:42

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