Mortgage and Financial News From 2007-10-24
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Cincinnati Financial Reports Third-quarter 2007 Results and Announces ...
MSN MoneyCentral - We continue to refine our rates to build on the changes we made in mid-2006 to ... Events, such as the sub-prime mortgage lending crisis, that lead to a ... it to calculate aggregate industry data, study industry trends and compare ...
2007-10-24 04:07:00 -
CME Profit Rises 68% as Market Turmoil Spurs Trading (Update1)
Bloomberg - ... of both exchanges and exclude merger related costs and other items, compare with the ... The Fed cut interest rates late in the quarter after a credit crunch prompted forecasts of increased mortgage defaults. Concerned that a housing slump is slowing ...
2007-10-24 05:40:00 -
EURO CREDIT-Market volatility surges, set to stay high
Reuters - US mortgage applications edge up, rates plunge-MBA ... The move even inspired SG credit strategist Suki Mann to compare the market activity to the old nursery rhyme ...
2007-10-24 04:35:00 -
ETFs on Our Buy List (Morningstar.com via Yahoo! Finance)
We make our picks from the bottom up.
2007-10-24 04:00:00 -
CME Profit Rises 68% as Market Turmoil Spurs Trading (Update1) (Bloomberg.com)
Oct. 24 (Bloomberg) -- CME Group Inc., created in July by the combination of the Chicago Mercantile Exchange and Chicago Board of Trade, said third-quarter profit rose 68 percent as turmoil in the credit markets fueled record trading.
2007-10-24 05:40:49 -
Call 4 Action: $16B From Countrywide To Modify Loans (WTAE-TV Pittsburgh)
CALABASAS, Calif. -- 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 whose interest rate is set to adjust by the end of 2008.
2007-10-23 12:14:08 -
National City Profit Falls 80 Percent, Hurt by Mortgages
CNBC - National City , a large Midwest bank, on Wednesday said third-quarter profit fell 80 percent, hurt by rising mortgage and home-equity losses. Net income for the Cleveland-based company fell to $106 million, or 18 cents per share, from $526 million ...
2007-10-24 04:57:00 -
Deposit growth slows at hedge funds
Chicago Tribune - The crisis that started with home mortgage loans to borrowers with risky or unproven credit histories sent equity and bond prices worldwide on a roller-coaster ride in the third quarter. The market for mortgage-backed securities shrank, hurting those ...
2007-10-23 11:56:00 -
US Mortgage Applications Edge Higher
CNBC - The Commerce Department on Thursday will release data on September new home sales. Fixed 15-year mortgage rates averaged 5.86 percent, down from 6.09 percent. Rates on one-year adjustable-rate mortgages, or ARMs, decreased to 6.10 percent from 6.17 ...
2007-10-24 04:21:00 -
Merrill takes $7.9B mortgage hit
CNN Money - Fears about rising defaults on risky home loans have scared investors away from mortgage-backed securities, resulting in a decline in their values. A group of banks led by Citi has announced plans to launch a "superfund" to revive the market ...
2007-10-24 05:04:00 -
National City 3rd-quarter earnings fall 80 percent as mortgage banking ...
CNBC - National City merged its home equity unit into National City mortgage and essentially eliminated the origination of all nontraditional loans, such as subprime mortgages _ loans to customers with poor credit history. Rising delinquencies and mortgage ...
2007-10-24 05:18:00 -
National City 3Q net earnings drop from last year, amid mortgage ...
CNBC - mortgage and housing markets, which led to the merging of National Home Equity into National City Mortgage and resulted in the third-quarter loss. The company expects the difficult conditions to persist into 2008 and has eliminated 2,500 positions ...
2007-10-24 05:25:00 -
Freddie's Sept retained mortgage portolio slumps
Reuters - Last: NEW YORK, Oct 24 (Reuters) - Freddie Mac sharply shrank its holdings of mortgage securities in September, keeping the portfolio below a growth limit set by its regulator, the second largest U.S. home funding company said on Wednesday. Freddie ...
2007-10-24 05:40:00 -
National City's Net Income Falls on Mortgage Lending (Update1)
Bloomberg - Oct. 24 (Bloomberg) -- National City Corp., the bank that sold its subprime mortgage unit to Merrill Lynch & Co. last year just before the industry unraveled, said third-quarter profit fell 80 percent on renewed losses from home lending. Net income ...
2007-10-24 04:57:00 -
Regulators, lenders, activists to testify on protections for home loan ...
CNBC - WASHINGTON - 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. The 10 a.m. House Financial Services ...
2007-10-24 03:09:00