Mortgage and Financial News From 2007-8-23 Page 19

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• Subprime mortgage meltdown is depressing the economy

  Free Lance-Star - Experts looking to point the finger of blame for this debacle are indicting everyone from home buyers who overestimated their wherewithal, to mortgage lenders who enticed buyers in over their heads, to hedge-fund wizards looking for quick money, to ...
  2007-08-23 04:28:00

• 9 Indicted in Mortgage Fraud Scheme

  Forbes - Nine people have been accused in a $25 million mortgage fraud scheme in which the value of more than 500 real estate properties in central Ohio was exaggerated to mortgage lenders and to prospective buyers, authorities said Wednesday. The nine ...
  2007-08-22 08:14:00

• Barclays and HSBC happy with HIPs

  BBC News - Two big mortgage lenders, HSBC and Barclays, have denied that they are unhappy with the recently introduced Home Information Packs (HIPs). The packs require sellers to provide information such as planning permission and copies of title deeds to ...
  2007-08-22 11:05:00

• Lehman Brothers closes BNC Mortgage subsidiary

  Houston Chronicle - Mortgage lenders around the nation, especially subprime lenders, have been closing down in the past month as deteriorating credit quality has drained the cash available to the industry. Lehman becomes the latest major player on Wall Street to say that ...
  2007-08-22 08:21:00

• Home information packs are dealt new blow by lenders

  Guardian Unlimited - The government's troubled implementation of home information packs suffered another setback last night after it emerged that some mortgage lenders are refusing to accept a crucial part of the reports. Solicitors, mortgage lenders and even some Hips ...
  2007-08-22 05:36:00

• Subprime job woes to keep going

  CNN Money - NEW YORK (CNNMoney.com) -- In another sign of how dire the subprime mess has become, mortgage lenders shed about 18,000 jobs this month, according to one estimate. But while the crisis has been largely contained to mortgage lenders and financial ...
  2007-08-22 10:01:00

• US mortgage firm files for bankruptcy

  Economic Times - NEW YORK: First Magnus Financial, one of the largest independent US mortgage lenders, filed for Chapter 11 bankruptcy protection on Tuesday, the latest home loan provider to collapse as the housing market slumps and credit crisis widens. The ...
  2007-08-23 02:04:00

• US mortgage crisis spreads to luxury home builders

  Guardian Unlimited - Toll Holdings' news came as hundreds more jobs were cut by several mortgage lenders, including HSBC, which is closing a lending office with 600 staff in Indiana. Although the property slump originated in the much less affluent sub-prime sector ...
  2007-08-23 12:39:00

• WRAPUP 4-Mortgage crisis widens at Accredited, HSBC, Lehman

  Reuters - NEW YORK, Aug 22 (Reuters) - Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co (LEND.O: Quote , Profile , Research ), HSBC Holdings Plc (HSBA.L: Quote , Profile , Research ) (HBC.N: Quote ...
  2007-08-22 11:34:00

• Some lenders resort to hibernation strategy

  Reading Eagle - As the mortgage shakeout forces dozens of home lenders into bankruptcy, some are merely going into something like suspended animation — shutting down temporarily and hoping to escape intact once the crisis has run its course. Companies such as ...
  2007-08-23 05:11:00

• Mortgage Lender Defies the Market: Twin Capital Mortgage Named to Inc ...

  Forbes - Twin Capital Mortgage, one of the nation's fastest growing Mortgage Lenders, announced today its debut on the 2007 Inc. 500 list of fastest-growing private companies in America. The firm which was founded by twin brothers, Darius and Mike ...
  2007-08-23 04:06:00

• Mortgage Lenders Sweeten Savings Rates

  Wall Street Journal - You may not be able to get a mortgage from Countrywide Financial Corp., but the troubled lender -- the nation's largest seller of home mortgages -- will pay you substantially higher rates than many other banks on savings accounts and certificates of ...
  2007-08-23 01:57:00

• Mortgage crisis widens at HSBC

  Reuters UK - NEW YORK (Reuters) - Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding, HSBC Holdings and Lehman Brothers Holdings announced job cuts and concern mounted about the longer-term impact on the ...
  2007-08-23 05:46:00

• Mortgage lenders move to cut costs (Lexington Herald-Leader)

  Accredited Home Lenders Holding Co. will slash its work force by more than half and stop accepting new mortgage applications in the U.S. as it struggles to survive in the troubled home lending industry, the company said Wednesday. San Diego-based Accredited, which issued $15.77 billion in home loans last year, said it will cut about 1,600 of its 2,600 positions and close 65 branches. "These ...
  2007-08-22 02:21:35

• Mortgage lenders refuse to recognise new Hips reports (Gulf Times)

  LONDON: The introduction of home information packs (Hips) was close to shambles yesterday as major mortgage lenders refused to recognise them. Mortgage providers, including HSBC and Barclays, said they were unwilling to trust some local authority searches contained in the packs.
  2007-08-23 06:07:41

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