Mortgage and Financial News From 2007-10-24 Page 7

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  • PM faces rates nightmare (Daily Telegraph)

    THE bottom line - $3000 has been added to the annual cost of servicing a $250,000 mortgage given five interest rate rises since 2004 and another coming.
    2007-10-24 07:00:00

  • U.S. home sales lowest in 16 years; San Diego not much better (San Diego Daily Transcript via Yahoo! News)

    Sales of existing homes in the United States plunged to its lowest level in 16 years in September, and the picture in San Diego County wasn't much better.
    2007-10-24 06:08:23

  • Costello's rates warning (The Age)

    Treasurer tells banks not to use US housing problems as excuse to raise home mortgage rates.
    2007-10-24 05:03:14

  • Mortgage applications edge higher, rates plunge (Reuters via Yahoo! News)

    Mortgage applications barely advanced last week even as interest rates sank to their lowest levels since May, an industry group said on Wednesday, largely reflecting the increasing difficulty borrowers face to obtain a loan as banks tighten lending standards.
    2007-10-24 04:04:33

  • Where Housing Is Headed

    Wall Street Journal - Percentage of mortgage loans 30 days or more delinquent in latest quarter, based on data from Equifax and Moody’s Economy.com. U.S. Average is 3.41%. Sources for inventory: Otteau Valuation Group, ZipRealty, Smart Numbers, Prudential California ...
    2007-10-24 05:07:00

  • Mortgage backlash at Howard

    News.com.au - Granted the mortgage lenders should be regulated and caps put on % of loans that can be adequately repaid allowing for a range on unseen contingencies. However, with this society and its penchant for asking/blaming governments for their own financial ...
    2007-10-24 03:48:00

  • Treasury Yields Fall on Merrill Loss, U.S. Home Sales Decline

    Bloomberg - Merrill Lynch had $8.4 billion of writedowns, mostly related to losses on subprime mortgage loans. Sales of previously owned U.S. homes fell to the lowest on record. ``When you see financial institutions getting strained this way, that ...
    2007-10-24 12:56:00

  • RPT-UPDATE 2-Fed: Mortgage reform should not hurt securitization

    Reuters - WASHINGTON, Oct 24 (Reuters) - The U.S. Congress must carefully target mortgage abuses without restricting credit availability and hurting lenders' ability to securitize loans for sale to investors, Federal Reserve Board governor Randall Kroszner ...
    2007-10-24 12:28:00

  • Mortgage lender cuts jobs

    Santa Rosa Press Democrat - Homecomings Financial, which operates a regional office in Petaluma, is a national wholesale lender funding loans made by mortgage brokerages. The layoffs will reduce its Petaluma workforce to 75. “It’s due to the overall turmoil going on in the ...
    2007-10-24 03:48:00

  • Union Bank of California Announces Financial Assistance for Customers ...

    Forbes - To take advantage of the program, customers should call (800) 888-5990 for mortgage loans; (800) 237-0561 for consumer and home equity loans; and (866) UB-LOANS for new loans. They may also contact their local branch or relationship manager, or call ...
    2007-10-24 03:34:00

  • Morgan Stanley unit sues Fremont for $10 mln

    Reuters - ... Oct 24 (Reuters) - A Morgan Stanley (MS.N: Quote , Profile , Research ) unit has sued Fremont General Corp.'s (FMT.N: Quote , Profile , Research ) industrial bank for $10 million, alleging it breached its agreements related to residential mortgage loans ...
    2007-10-24 12:49:00

  • EverBank Wholesale Lending Hires New Account Executives

    Forbes - CHICAGO, Oct. 24 /PRNewswire/ -- EverBank welcomes two new Account Executives to its Chicago Wholesale Lending office -- offering residential first, second, portfolio arms, government and jumbo mortgage loans throughout the Chicago metropolitan area ...
    2007-10-24 12:28:00

  • Morgan Stanley unit sues Fremont General subsidiary for $10 million ...

    CNBC - Although required to do so under the clear and unambiguous terms of the purchase agreements, Fremont has neither cured the breaches nor repurchased those mortgage loans," the lawsuit said. A spokesman for Fremont General called the lawsuit baseless. ...
    2007-10-24 02:15:00

  • Countrywide to Adjust Loans for At-Risk Borrowers (NPR)

    Countrywide Financial Corp., the nation's largest mortgage lender, will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rates are set to adjust by the end of 2008.
    2007-10-24 05:39:44

  • Countrywide to work with critic on mortgage modifications (Boston Globe)

    To help borrowers at risk of defaulting on home loans, Countrywide Financial Corp. is working with an activist group that had been strongly critical of the nation's largest mortgage lender.
    2007-10-24 02:51:51

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