Mortgage and Financial News From 2007-8-23 Page 12

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  • What If Your Mortgage Lender Goes Bust

    Street.Com - After all, it's not just affecting consumers who took out loans they can't afford; the lenders that were, dare I say, stupid enough to offer those unqualified borrowers those loans are getting hit too. American Home Mortgage of Melville, N.Y ...
    2007-08-23 11:30:00

  • Lehman Brothers shuts subprime mortgage unit

    Newsday - The Wall Street investment bank said it is closing its BNC Mortgage Llc subsidiary, which has issued home loans to people who cannot document their income or who have shaky credit histories. Lehman will eliminate 1,200 workers at 23 offices. The ...
    2007-08-23 12:06:00

  • U.S. watchdog 'vigilant' as bad loans leap 36%

    National Post - WASHINGTON - The Federal Deposit Insurance Corp., the U.S. banking watchdog, said yesterday it is keeping a close eye on the health of the country's major banks after a huge leap in mortgage losses that led to a sharp drop in profits. The FDIC, which ...
    2007-08-23 11:37:00

  • Bad loans at U.S. banks rise 51 per cent

    Globe and Mail - SUBPRIME SHOCKWAVES SPREAD Bad loans at U.S. banks rise 51 per cent Three more mortgage lenders quit the business, bringing total to 90 in recent months
    2007-08-23 11:51:00

  • Subprime crisis will boost mortgage insurers

    Reuters - Under popular 100 percent financing programs known as "piggyback" loans, borrowers used one mortgage for 80 percent of the purchase price and other financing for the remaining 20 percent. Mortgage insurance firms enjoyed a taste of the early ...
    2007-08-23 12:06:00

  • Accredited cutting 1,600 jobs

    San Diego Union-Tribune - San Diego's Accredited Home Lenders yesterday slashed 1,600 jobs throughout the nation and stopped making new mortgage loans in its struggle to survive the meltdown in the subprime mortgage market. At its San Diego headquarters, Accredited Home ...
    2007-08-23 11:37:00

  • Wachovia could prosper from mortgage downturn: paper

    Boston Globe - Its nonperforming assets rose $341 million from March, with much of the increase from residential mortgage loans at the former Golden West Financial Corp. At the time, Wachovia Chief Executive Ken Thompson said: "We're going through a little pain ...
    2007-08-23 09:35:00

  • Overdue real-estate loans jump at U.S. banks

    CNN Money - Noncurrent home-mortgage loans totaled $27.5 billion, up 47 percent from a year earlier and up 12.6 percent from the end of the first quarter, the FDIC said. "Banks continue to face two key challenges - a difficult interest-rate environment and ...
    2007-08-23 01:03:00

  • Freddie Mac Monthly Volume Summary: July 2007

    MSN MoneyCentral - (1) Ending balances and activity are based on contractual amounts of unpaid principal balances and exclude mortgage loans and mortgage- related securities traded, but not yet settled. (2) Total mortgage portfolio (Table 1) is defined as Total ...
    2007-08-23 12:27:00

  • Mortgage firm closures hit isle offices (Honolulu Star-Bulletin)

    As mainland firms close their mortgage companies, their local operations in Honolulu are left scrambling to find new financial backers for their loans.
    2007-08-23 01:33:21

  • Lehman Brothers shuts subprime mortgage unit (Newsday)

    Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank, said yesterday it is shuttering its subprime mortgage business because of the turmoil in the home lending industry. The Wall Street investment bank said it is closing its BNC Mortgage Llc subsidiary, which has issued home loans to people who cannot document their income or who have shaky credit histories. Lehman will ...
    2007-08-23 12:31:30

  • Promises to buy back loans could cost lender (Boston Globe)

    Expanding rapidly as the nation's largest home mortgage company, Countrywide Home Loans quietly promised investors who bought its loans that it would repurchase some if homeowners got into financial difficulties.
    2007-08-23 08:47:13

  • Mortgage Businesses Shutter in Subprime Debacle (NPR)

    California-based Accredited Home Lenders says that it would stop writing new loans and lay off more than half its workforce. Lehman Brothers is shuttering its BNC Mortgage unit. And Quality Home Loans has joined about a dozen mortgage companies in filing for bankruptcy.
    2007-08-23 01:01:40

  • California mortgage company halts loans, lays off employees (AFP via Yahoo! News)

    A California company specializing in subprime mortgages said Wednesday it was suspending new loans and cutting 1,600 jobs in response to the "ongoing turmoil" in the sector.
    2007-08-22 01:43:54

  • Value of Dubai deals peaks at Dh477.16m

    Gulf News - ... 10641.41 square-feet plot in Emirates Hills First was sold for Dh2 million. During the period under review, four mortgages worth Dh219.17 million were registered, the most significant of which was Dhs209 million for an area at Emirates Hills Second ...
    2007-08-23 07:48:00

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