Mortgage and Financial News From 2007-10-3 Page 5

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• ECB May Leave Rate at Six-Year High to Assess Credit, Euro (Bloomberg.com)

  Oct. 4 (Bloomberg) -- The European Central Bank will probably keep interest rates at a six-year high as it gauges the impact of the U.S. subprime-mortgage collapse and the rising euro, a survey of economists shows.
  2007-10-03 04:13:38

• Bear Stearns to cut 310 mortgage jobs (Investment Executive)

  U.S. securities firm Bear, Stearns & Co. Inc. announced today that it is combining its mortgage origination lending businesses, and cutting just over 300 jobs.
  2007-10-03 02:05:27

• Bear Stearns to merge two mortgage units, cut 310 jobs (AFP via Yahoo! News)

  US investment bank Bear Stearns said Wednesday it was merging two mortgage subsidiaries and eliminating 310 jobs to better deal with market conditions related to the ailing housing sector.
  2007-10-03 12:20:54

• Mortgage trade group to report latest home loan application numbers ...

  CNBC - WASHINGTON - Investors on Wednesday will get an update on how applications for home loans fared last week, as the housing ... Refinance volume rose 3 percent, while purchases fell 7.3 percent. The MBA's index, which stood at 100 in March 1990, is derived ...
  2007-10-03 03:27:00

• Facing foreclosure? Fight is better than flight

  MSNBC - Instead, they hunker down and hope against hope that something will happen before the mortgage company takes the home. ... Tougher lending requirements and pre-payment penalties make it hard for troubled borrowers to refinance with cheaper fixed-rate ...
  2007-10-03 05:17:00

• RAMS Taps Home Market to Raise $265.3 Million

  Wall Street Journal - SYDNEY, Australia -- RAMS Home Loans Group Ltd. priced a 300 million Australian dollar (US$265.3 million) offering of residential mortgage-backed securities as part of its efforts to refinance its portfolio. The deal was A$50 million bigger than the ...
  2007-10-03 12:45:00

• U.S. Senate May Expand FHA-Insured Mortgages, Schumer Says

  Bloomberg - The FHA provides mortgage insurance for loans made by private lenders to low- and middle-income home buyers. The bills would give the FHA more tools to help refinance loans to subprime borrowers facing ballooning interest on their mortgages ...
  2007-10-03 12:24:00

• High noon for BoE over rate cut

  Daily Telegraph - ... the CPI has dropped and the economy has been beset by profound threats, not least the credit ... rates because of the increased cost of borrowing to them and figures suggest that the mortgage and housing market are slowing down. "Amid so much bad ...
  2007-10-03 03:23:00

• Housing Woes Weigh on Financial Jobs

  Forbes - However, the numbers aren't as bad as what they might have been, and we're not seeing heavy downsizing ... Most recently, Morgan Stanley said it's laying off about 600 employees in its residential home mortgage business. Other firms - such as Credit ...
  2007-10-03 10:22:00

• Deutsche Bank's hit from subprime crisis not as dire as expected

  International Herald Tribune - ... saying Wednesday that it expected to write down €2.2 billion in loans and mortgage ... He also tipped off German regulators to a credit crisis at a smaller German bank ... announcement Monday may have eased the way for Deutsche Bank to deliver its bad ...
  2007-10-03 11:55:00

• Deutsche Bank to Write Off About $3.12B

  Forbes - ... that it would take a charge of approximately 1.5 billion euros ($2.13 billion) on residential mortgage-backed securities, structured credit ... But over the past few weeks, the market seemed to have factored in expectations of bad news after a ...
  2007-10-03 03:23:00

• Stocks fall after economic data comes in as expected, Greenspan sounds ...

  CNBC - With all those numbers, unless it's really bad we're fine because people can say it's still a function ... about $3.1 billion in the third quarter due to losses on loans, leveraged loans and structured credit products amid turmoil in the mortgage ...
  2007-10-03 10:01:00

• Lessons from the credit squeeze

  Financial Times - ... admission by Samuel Molinaro, its chief financial officer, that market conditions were as bad ... But that does not save the credit funds and other institutions that bought previous mortgage-backed and structured securities and are suffering losses at ...
  2007-10-03 01:28:00

• Energy and commodities may avoid banks' job axe

  Reuters - Most of these will be in their mortgage-related businesses, where bad loans helped trigger the credit market troubles. "Banks will look to retain expansion plans in commodities which is seen as a growth area and try to reallocate resources ...
  2007-10-03 01:21:00

• Democrats assail Bush on mortgage crisis (AP via Yahoo! News)

  Congress' top Democrats demanded quick action on the subprime mortgage crisis, saying President Bush has been slow to address a situation that could cost millions of people their homes.
  2007-10-03 12:46:43

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