Mortgage and Financial News From 2007-10-3 Page 10

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  • Australian Sales Gain, Suggesting Rates May Increase (Update1) (Bloomberg.com)

    Oct. 3 (Bloomberg) -- Australia's retail sales rose twice as much as economists forecast and imports climbed to a record in August, increasing speculation the central bank will raise interest rates from an 11-year high.
    2007-10-03 12:49:24

  • Spain September Consumer Confidence Falls to Lowest on Record (Bloomberg.com)

    Oct. 3 (Bloomberg) -- Consumer confidence in Spain declined to a record low in September after the fallout from the U.S. subprime-mortgage slump pushed up borrowing costs worldwide.
    2007-10-03 03:13:47

  • Is the storm over? Credit market conditions look changeable

    MSN MoneyCentral - Last week, a derivatives index linked to US mortgage loans touched a new low. Another - potentially more pernicious - problem is the state of the interbank market. In recent weeks, the cost of borrowing funds overnight has dropped in Europe and the US ...
    2007-10-03 12:31:00

  • Bear Stearns Will Cut 310 Jobs As It Shuffles Mortgage Business

    Wall Street Journal - The investment bank, along with Lehman Brothers Holdings Inc., is a leader in making and securitizing home loans. Bear Stearns' mortgage origination unit started the year with about 1,500 employees. Since then, the bank has cut about 600 jobs ...
    2007-10-03 11:41:00

  • IndyMac Strips to Fig Leaf, Skips the Full Monty: Jonathan Weil

    Bloomberg - They can review each of their mortgage loans' values individually. Or they can group them into larger pools -- which are easy to gerrymander -- so that loans with embedded losses can be offset against others with embedded gains. Ramirez says he ...
    2007-10-03 12:52:00

  • Schwarzenegger Backs Housing Bonds, Crackdown on Mortgage Abuse

    Bloomberg - ... and Minnesota, have passed legislation seeking to address so-called predatory lending and other abuses in the mortgage market as declining home prices and losses by Wall Street banks prevent overstretched borrowers from refinancing their loans ...
    2007-10-03 12:38:00

  • Flagstar Bank Opens New Banking Center in Roswell, Ga.

    Forbes - ... Roswell banking center, Flagstar operates 159 banking centers in Michigan, Indiana and Georgia and 73 home loan centers in 19 states. Flagstar Bank originates loans nationwide and is one of the leading originators of prime residential mortgage loans ...
    2007-10-03 11:41:00

  • Congress calls for "mortgage czar"

    CNBC - U.S. mortgage delinquencies have soared in recent months and about 1.7 million home loans will go into foreclosure this year and next, according to Moody's Economy.com. U.S. lawmakers say this is an emergency, calling for a relaxation in the rules ...
    2007-10-03 01:35:00

  • Fitch Downgrades $18.4 Billion of 2006 Subprime Mortgage Bonds

    Bloomberg - ... or placed on review 496 bonds backed by first mortgages issued last year, or 3 percent of the total, including $5.3 billion of bonds backed by subprime loans. Moody's said last month it expects to downgrade more subprime-mortgage ...
    2007-10-03 12:52:00

  • Bear lays off 310, joins mortgage companies

    MSNBC - Stung by decaying credit quality, investors soured on many types of mortgage debt this summer. Selling home loans and other investments backed by mortgage debt became much more difficult this year, squeezing a key source of profit on Wall Street. Bear ...
    2007-10-03 10:58:00

  • Bear Stearns Cuts 310 Mortgage Jobs, to Merge Units (Update3)

    Bloomberg - Wall Street firms, which package home loans into bonds and sell them to investors, bought mortgage companies in recent years to assure a steady supply and are now stuck with too much capacity. ``This is consistent with what we've seen ...
    2007-10-03 01:35:00

  • Mortgage lenders face subprime 'traffic jam'

    MSNBC - US mortgage companies are being overwhelmed by the large numbers of homebuyers who need to renegotiate their loans to avoid default, creating a "subprime traffic jam" that could frustrate efforts by regulators to prevent foreclosures, experts say ...
    2007-10-03 01:00:00

  • Bear Stearns cuts another 310 mortgage jobs

    MSN MoneyCentral - The downturn began with a rise in defaults among high-risk mortgage borrowers. Wall Street firms built large, mortgage businesses to ensure a flow of loans to package into securities for sale. Some are now closing down origination units. Copyright 2007 ...
    2007-10-03 01:07:00

  • UPDATE 3-US Democrats call for 'mortgage czar,' borrower aid

    Reuters - ... House of Representatives, called for the current limit on Fannie Mae (FNM.N: Quote , Profile , Research ) and Freddie Mac (FRE.N: Quote , Profile , Research ) investments to be lifted so the mortgage finance companies can buy more troubled home loans. ...
    2007-10-03 01:28:00

  • UPDATE 1-Bush wants temporary tax relief for subprime ills

    Reuters - The administration strongly believes this relief should be temporary to assist homeowners during the current mortgage market transition period and to avoid distorting consumer and lender decisions on new mortgage loans," the White House said in a ...
    2007-10-03 11:12:00

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