Mortgage and Financial News From 2007-8-23
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Mortgage Lenders Move to Cut Costs (San Francisco Chronicle)
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...
2007-08-22 06:19:23 -
Amid market crisis, some mortgage lenders go into hibernation and hope to survive (Savannah Morning News)
NEW YORK - 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.
2007-08-23 05:02:54 -
Lehman, other mortgage lenders slash jobs (USA Today)
Lehman Bros. (LEH) joined several mortgage lenders Wednesday in cutting losses. It said it is shutting down subprime mortgage unit BNC Mortgage, affecting 1,200 employees in 23 cities.
2007-08-22 07:48:27 -
Mortgage lenders move to cut costs (AP via Yahoo! News)
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.
2007-08-22 08:38:46 -
Investors strive to read Fed's intentions
Reuters - LONDON (Reuters) - Investors pinned their hopes on Wednesday on a near-term U.S. interest rate cut to calm a global financial storm stemming from losses in America's home loan market. But there were mixed messages about the Federal Reserve's ...
2007-08-22 10:30:00 -
Stocks advance on rate cut speculation
Boston Globe - NEW YORK (Reuters) - Stocks were higher on Wednesday as market hopes for an interest rate cut persisted. A drop in financial shares limited the advance after several big U.S. banks including Citigroup Inc. said they had borrowed money directly ...
2007-08-22 08:28:00 -
Markets Bounce on Federal Reserve Interest Rate Speculation ...
FOX News - NEW YORK — U.S. stocks gained Wednesday, boosted by optimism about renewed deal activity and ongoing speculation the Federal Reserve might cut its benchmark interest rate to calm turbulent financial markets. The Dow Jones Industrial Average ( DJIA ...
2007-08-22 04:17:00 -
Comeback in global shares as US rate cut hopes grow
Times Online - Leading shares in Britain, continental Europe and America staged a powerful resurgence yesterday, while government bonds tumbled, as persistent hopes that the US Federal Reserve may soon cut interest rates continued to stem recent market turmoil. In ...
2007-08-22 10:08:00 -
Fed's Uncertainty Over Growth Makes Early Interest-Rate Cut Less ...
Stockhouse Canada - Aug. 23 (Bloomberg) -- Federal Reserve policy makers' uncertainty over the credit crunch's toll on U.S. growth is making them increasingly unlikely to cut interest rates before their Sept. 18 meeting. Fed officials are gathering anecdotes from the ...
2007-08-23 04:35:00 -
Polish finance minister says sees no need for interest rate hike
Forbes - WARSAW (Thomson Financial) - There is no need for further hikes in Polish interest rates, finance minister Zyta Gilowska said, adding she expects Poland's economic growth in the third quarter to be at least 6.0 pct. 'There is no need to hike interest ...
2007-08-22 05:08:00 -
China pins hope on fourth rate rise
Asia Times - BEIJING - The central People's Bank of China (PBoC) announced on Tuesday that it would raise one-year deposit and loan interest rates by 27 basis points to 3.6% and 7.02% respectively as of the next day, August 22. This is the fourth time that the ...
2007-08-23 03:30:00 -
Manufacturers starting to feel rate rises pinch
Guardian Unlimited - Five interest rate increases in a year are starting to take their toll on the strong growth in Britain's manufacturing during the first half of 2007, the CBI said yesterday. In its monthly industry snapshot, the employers' organisation reported ...
2007-08-22 10:44:00 -
August data looms large in rate cut debate
Reuters - WASHINGTON (Reuters) - Investors banking on a swift cut in the U.S. benchmark interest rate to ease market turmoil may be disappointed: Policy-makers may be reluctant to act before a week jammed with economic data in early September. In the Labor Day ...
2007-08-22 09:54:00 -
Banks give rich champagne treatment
News.com.au - BORROWING big dollars brings champagne treatment from banks, but many battlers wanting to secure a home have to take what they're given. While investors can improve their mortgage interest rate by up to 2 per cent through professional packages ...
2007-08-23 03:16:00 -
Interest rate hike
DAWN Group - TOKYO, Aug 22: The Bank of Japan met on Wednesday on interest rates for the first time since turmoil erupted on global markets, thumping stocks and driving up the yen, and putting another rate rise in doubt. Until recently many analysts were ...
2007-08-23 03:37:00