Mortgage News Aug 2007
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Capital One and the mortgage domino effect
Capital One's shuttered GreenPoint Mortgage is the latest mortgage banking explosion to bump Wall Street's panic meter up a notch, and industry insiders say it is just another indicator that retail banks will be stung by the credit mess they helped create. (Mon, 20 Aug 2007 23:46:29 GMT)
Demand up for low-down-payment loan insurance -PMI
LOS ANGELES, Aug 20 (Reuters) - The PMI Group Inc , a provider of residential mortgage insurance, said on Monday it was seeing increased demand for insurance for loans with a loan-to-value above 95 percent. (Tue, 21 Aug 2007 01:08:52 GMT)
Countrywide cuts 500 mortgage jobs
Countrywide Financial Corp., the nation's largest mortgage lender, said Monday it has eliminated about 500 jobs as it tries to ride out problems from a credit crunch that has rocked the home loan industry. (Tue, 21 Aug 2007 01:18:28 GMT)
Mortgage Lender Sells Off Securities
Thornburg Mortgage Inc., the jumbo-mortgage specialist that stopped taking loan applications last week because of a cash crunch, sold $20.5 billion of securities at a discount to pay down debt it couldn't refinance. (Tue, 21 Aug 2007 01:29:15 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Tue, 21 Aug 2007 02:32:37 GMT)
Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Tue, 21 Aug 2007 02:32:47 GMT)
Federal Home Loan Banks help lenders
The Federal Home Loan Bank (FHLB) system has increased low-cost lending to financial institutions in an effort to bolster credit stability... (Tue, 21 Aug 2007 07:21:04 GMT)
Mortgage specialist sells bonds Thornburg offers $20.5 billion in securities at discount to pay down debt.
Thornburg Mortgage Inc., the jumbo-mortgage specialist that stopped taking loan applications last week because of a cash crunch, sold $20.5 billion of securities at a discount to pay down debt it couldn't refinance. (Tue, 21 Aug 2007 07:33:58 GMT)
Capital One shutters its GreenPoint Mortgage unit / Woes mount as Countrywide dumps 500 jobs, S.F.'s Luminent sells ...
Capital One Financial Corp. said Monday that it will cut 1,900 jobs - including 500 in Marin County - and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the nation's housing and credit markets. Capital... (Tue, 21 Aug 2007 07:34:23 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 21 Aug 2007 08:21:54 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Tue, 21 Aug 2007 08:23:16 GMT)
Capital One cuts jobs, closes mortgage unit
MCLEAN, Va.– Capital One Financial Corp. said yesterday it will cut 1,900 jobs and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the housing and mortgage markets. (Tue, 21 Aug 2007 08:39:34 GMT)
Mortgage brokers, borrowers troubled
SAN FRANCISCO - Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. (Tue, 21 Aug 2007 09:33:34 GMT)
Capital One Financial to close residential mortgage business
The company is yet another fallout from turmoil in the market. About 1,900 workers will be laid off, and the company will also close its wholesale mortgage banking unit, GreenPoint Mortgage. (Tue, 21 Aug 2007 09:38:50 GMT)
Mortgage meltdown: Here come the judgments
Earlier this year, a Wisconsin couple won a judgment against Chevy Chase Bank that said the bank deceived them over the terms of their mortgage. (Tue, 21 Aug 2007 10:11:00 GMT)
Fillon Vows to Protect Small Businesses
French Prime Minister Francois Fillon said Tuesday his government will take steps to ensure businesses do not suffer a credit crunch amid the turmoil in financial markets caused by the U.S. home loan crisis. (Tue, 21 Aug 2007 10:42:35 GMT)
Countrywide says it cut 500 mortgage jobs
Countrywide Financial Corp , the largest U.S. mortgage lender, said it had eliminated about 500 jobs nationwide as it tries to cope with a credit shortfall stemming from the U.S. housing downturn. (Tue, 21 Aug 2007 11:07:27 GMT)
Mortgage Crisis Affecting Credit Markets
As the crisis in the sub-prime mortgage market continues to unravel, the c-store industry is likely to see trickle-down effects similar to what the industry experienced in the late 90s -- the last time there was a major credit freeze. (Tue, 21 Aug 2007 11:11:20 GMT)
Capital One Slams Door on GreenPoint Mortgage
The latest victim of the subprime crisis, Capital One Financial Corp. lowered its 2007 earnings outlook after halting residential-mortgage origination operations at its wholesale mortgage banking unit GreenPoint Mortgage. (Tue, 21 Aug 2007 11:15:48 GMT)
Mortgage woes plague nation's largest home-loan company
LOS ANGELES (AP) … Countrywide Financial Corp., the nation's largest mortgage lender, sought to reassure customers Monday that the problems dogging its mortgage operations were not affecting its banking unit. (Tue, 21 Aug 2007 13:37:12 GMT)
Europe, Asia inject more cash
The European Central Bank provided more cash Tuesday for banks that have been clamoring for money, injecting $370.6 billion in its normal weekly refinancing. (Tue, 21 Aug 2007 13:55:18 GMT)
Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Tue, 21 Aug 2007 14:37:46 GMT)
Capital One to close mortgage unit, cut 1,900 jobs
Capital One Financial Corp. said Monday it will cut 1,900 jobs and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the nation's housing and mortgage markets. (Tue, 21 Aug 2007 14:51:03 GMT)
Accredited Home selling $1 billion mortgage loans
Struggling subprime mortgage lender Accredited Home Lenders Holding Co on Tuesday said it agreed to sell $1 billion of home loans to an unnamed investor, a move it said would limit its exposure to margin calls. (Tue, 21 Aug 2007 15:05:12 GMT)
Financing for home mortgages is still available
If you’re shopping for a home loan and you’ve kept up with the turmoil that’s been boring through in the credit markets, you’ve got to wonder whether there’s still money available left out there to finance your home loan. (Tue, 21 Aug 2007 15:45:58 GMT)
ECB Injects More Cash to Markets
The European Central Bank provided more cash Tuesday for banks that have been clamoring for money, injecting euro275 billion in its normal weekly refinancing as it took further steps from its emergency moves in the last two weeks. (Tue, 21 Aug 2007 15:50:39 GMT)
Dodd Says Treasury Unyielding on Raising Fannie, Freddie Limits
Aug. 21 (Bloomberg) -- The Bush administration remains unwilling to allow Fannie Mae and Freddie Mac to boost purchases of mortgages as a way to ease constraints in the home loan market, Senate Banking Committee Chairman Christopher Dodd said. (Tue, 21 Aug 2007 15:55:17 GMT)
Thrifts Hit by Housing Market Problems
Mortgage troubles slammed the savings and loan industry last quarter, a new report said Tuesday. Troubled assets -- loans that are 90 or more days past due -- jumped to $14.2 billion last quarter, up 50 percent from $9.5 billion in the same quarter last year, the Office of Thrift Supervision said. (Tue, 21 Aug 2007 16:57:02 GMT)
Ginnie Mae Wants American Home Loans
The Government National Mortgage Association has demanded that bankrupt American Home Mortgage Holdings Inc. hand over about $450 million worth of home loans it is servicing. (Tue, 21 Aug 2007 17:56:57 GMT)
Report: Buffett May Buy Parts of Mortgage Lender Countrywide
Report says 'Oracle of Omaha' may have eye on the ailing mortgage giant. (Tue, 21 Aug 2007 18:16:44 GMT)
Evans Bank gets grant for home loans
Evans National Bank has received a $150,000 grant from the Federal Home Loan Bank of New York to help low-income homeowners with needed home repairs, the bank said Tuesday. (Tue, 21 Aug 2007 18:25:08 GMT)
More Subprime Fallout: Greenpoint Mortgage Is A Goner
Tate Dwinnell submits: Another mortgage company casualty after the bell yesterday announced by Capital One Financial Corp. during their earnings report. In addition to cutting its earnings forecast from $7.15 to $5/share, COF announced that they would eliminate their Greenpoint mortgage unit and eliminate 1900 jobs. [... ] (Tue, 21 Aug 2007 18:36:57 GMT)
HBOS to Provide Financing for Commercial-Paper Unit (Update3)
Aug. 21 (Bloomberg) -- HBOS Plc, the U.K.'s largest mortgage lender, was forced to step in to repay about $35 billion of commercial paper owed by its Grampian Funding LLC unit as contagion from the U.S. subprime slump drove up the cost of borrowing. (Tue, 21 Aug 2007 18:41:35 GMT)
Sector Snap: Mortgage Lenders
Shares of mortgage lenders climbed Tuesday on prospects for a Federal Reserve interest-rate cut and the possibility that Countrywide Financial Corp. could attract a buyout. (Tue, 21 Aug 2007 18:44:57 GMT)
July foreclosures up 93 percent vs year ago: survey
Home foreclosures rose 9 percent in July from June and soared 93 percent from a year ago as states that once enjoyed a white-hot housing market are now seeing the greatest number of loan failures, a real estate survey reported on Tuesday. (Tue, 21 Aug 2007 18:57:56 GMT)
First Magnus, Mortgage Lender, Files for Bankruptcy Protection
Aug. 21 (Bloomberg) -- First Magnus Financial Corp., the second-largest privately held U.S. mortgage company, filed for bankruptcy, less than one week after it shut down its lending operations. (Tue, 21 Aug 2007 19:55:54 GMT)
Fitch Reveiwing $92.1B in Mortgage Debt
Fitch Ratings said Tuesday it is reviewing $92.1 billion worth of securities backed by pools of "subprime" mortgage debt, signaling widening concerns about the home loan crisis rocking the market. (Tue, 21 Aug 2007 20:09:26 GMT)
Capital One Financial: The Latest Casualty of the Mortgage Crisis
For now, I would take a 'wait and see' approach as Capital One has two additional subprime dominoes that could fall, as well as possible weakness in its mortgage business. (Tue, 21 Aug 2007 20:35:19 GMT)
Mortgage lender First Magnus files Chapter 11
NEW YORK (Reuters) - First Magnus Financial Corp, one of the largest independent U.S. 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. (Tue, 21 Aug 2007 21:04:56 GMT)
RED Extends $20M for Two Multifamily Properties in Midwest
Farmington Hills, Mich.—Red Mortgage Capital Inc., the mortgage banking unit of capital provider Red Capital Group, structured the refinancing of two existing Fannie Mae DUS loans for Associated Estates Realty Corp. (Tue, 21 Aug 2007 21:12:23 GMT)
HBOS to Provide Financing for Commercial-Paper Unit (Update4)
Aug. 21 (Bloomberg) -- HBOS Plc, the U.K.'s largest mortgage lender, was forced to step in to repay about $35 billion of commercial paper owed by its Grampian Funding LLC unit as contagion from the U.S. subprime slump drove up the cost of borrowing. (Tue, 21 Aug 2007 21:45:26 GMT)
Federal Home Loan Bank of San Francisco Announces 2007 Board of Directors Election Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced that incumbent directors W. Douglas Hile and David A. Funk have been declared elected to new terms on the Bank's board, each for a three-year term beginning January 1, 2008, and ending December 31, 2010. (Tue, 21 Aug 2007 21:57:00 GMT)
Home loans cut off at the passkey
Some New Jersey home buyers and mortgage-refinance customers became victims of the subprime and alternative mortgage meltdown before they even got their loans. (Tue, 21 Aug 2007 22:13:22 GMT)
Western National offers emergency loans for home buyers as mortgage firms close doors
Western National Bank has set aside $50 million for short-term emergency financing to help families caught in the wave of mortgage company closures. (Tue, 21 Aug 2007 22:38:26 GMT)
Ariz.-based finance firm to lay off 541, shut mortgage unit
One of Arizona's largest financial firms will cut the number of workers in the mortgage unit to about 130, primarily in Tempe.{l} Russ Wiles' blog (Tue, 21 Aug 2007 23:58:06 GMT)
Troubled Tucson-based mortgage lender files for bankruptcy
First Magnus Financial Corp. filed for for Chapter 11 bankruptcy protection Tuesday, less than a week after the Tucson-based national mortgage lender suspended its operations. (Wed, 22 Aug 2007 01:00:33 GMT)
Big Mortgage Lender in Chapter 11 Filing
First Magnus Financial Corporation, one of the largest independent American mortgage lenders, filed for Chapter 11 bankruptcy protection yesterday, becoming the latest provider of home loans to collapse as the housing market slumps. (Wed, 22 Aug 2007 01:11:43 GMT)
Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Wed, 22 Aug 2007 02:47:32 GMT)
Loan sharks don’t fear Judith Tizard
Loan sharks who target vulnerable Pacific consumers in Manukau City must be elated at the lack of response, from the Minister of Consumer Affairs, to a damning report into the behaviour of fringe lenders in Manukau City. (Wed, 22 Aug 2007 03:08:58 GMT)
Legal Claims Proliferate From Mortgage Meltdown
As fallout from the collapse of the high-risk mortgage industry continues, the types of legal claims stemming from the scandal are beginning to take shape. Shareholders in bankrupt mortgage lending companies have filed lawsuits, as have mortgage borrowers and investors in mortgage-backed securities. Warehouse lenders and an investor in a credit rating agency have also stated various claims. Some ... (Wed, 22 Aug 2007 04:09:18 GMT)
City Council Approves Home Loan Program For Displaced Tenants
The Gaithersburg City Council unanimously approved a home ownership assistance program Monday night that would provide loans for people displaced by residential redevelopment. (Wed, 22 Aug 2007 06:12:47 GMT)
Home loan nightmares grow in Idaho
Pam Hannam was hoping for a fresh start when she left San Diego for Idaho after her hair salon went bankrupt almost three years ago. Instead, she had to foreclose on her $127,000 duplex. | GO... (Wed, 22 Aug 2007 06:41:44 GMT)
Home loans cut off at the passkey
Some New Jersey home buyers and mortgage-refinance customers became victims of the subprime and alternative mortgage meltdown before they even got their loans. (Wed, 22 Aug 2007 06:43:36 GMT)
Mortgage mess complicates home buying
If you're in the market for a mortgage these days, you'd better have good credit and be willing to come up with a substantial down payment on your dream home. (Wed, 22 Aug 2007 07:13:10 GMT)
John Sauro, President of North Atlantic Mortgage Corp. Appeared on FOX News with Neil Cavuto August 11th, 2007
John Sauro, President of North Atlantic Mortgage Corp. appeared on FOX News with Neil Cavuto August 11th, 2007. (PRWeb Aug 22, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/U2luZy1IYWxmLVN1bW0tSGFsZi1UaGlyLVplcm8= (Wed, 22 Aug 2007 07:21:36 GMT)
Mortgage firm laying off 541 by end of year
The widening mortgage slump hit Arizona again Tuesday as one of Arizona's largest financial firms announced the layoffs of 541 people. (Wed, 22 Aug 2007 08:10:37 GMT)
Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Wed, 22 Aug 2007 09:37:57 GMT)
Get the FAQs on mortgage resets
You've got the questions, we've got the answers. (Wed, 22 Aug 2007 10:00:00 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Wed, 22 Aug 2007 10:08:16 GMT)
Ahead of the Bell: Mortgage Applications
Investors on Wednesday will get an update on home loan applications as mortgage industry turmoil continues and Wall Street presses the central bank to boost the struggling sector with an interest-rate cut. (Wed, 22 Aug 2007 10:16:52 GMT)
Weekly mortgage loan applications off 5.5%, MBA data show
CHICAGO (MarketWatch) -- Filings of applications seeking mortgage loans dropped a 5.5% last week compared to the prior week as interest rates increased, the Mortgage Bankers Association said Wednesday. (Wed, 22 Aug 2007 11:05:39 GMT)
Mortgage applications fall in latest week
Applications for residential mortgages fell last week for the first time in three weeks, weighed by a sharp drop in demand for home-purchase and refinancing loans, an industry group said on Wednesday. (Wed, 22 Aug 2007 11:25:46 GMT)
Investors strive to read Fed's intentions
Investors sought to gauge on Wednesday the prospects of a near-term U.S. rate cut to calm a financial storm stemming from America's faltering home loan market, as some experts said the world economy would take a hit. (Wed, 22 Aug 2007 11:39:40 GMT)
Mortgage applications slip
Mortgage Bankers Association index falls 5.5 percent on lower demand for home-purchase and refinancing loans. (Wed, 22 Aug 2007 12:01:29 GMT)
Bonds' Home Run Ball Going to Auction
No. 756 is going to auction. Barry Bonds' record-breaking home run ball will be sold online, and fortunate fan Matt Murphy figures to be a half-million dollars richer. (Wed, 22 Aug 2007 12:04:23 GMT)
U.S. MBA's Mortgage Applications Index Fell 5.5% Last Week
Aug. 22 (Bloomberg) -- Mortgage applications fell 5.5 percent last week, the biggest decline in almost three months, reflecting less demand to refinance and purchase homes amid a widening credit squeeze. (Wed, 22 Aug 2007 12:10:44 GMT)
US mortgage applications fall in latest week
NEW YORK - Applications for US residential mortgages fell last week for the first time in three weeks, weighed by a sharp drop in demand for home-purchase and refinancing loans, an industry group said on Wednesday. (Wed, 22 Aug 2007 12:21:46 GMT)
Mortgage mess complicates home buying
If you're in the market for a mortgage these days, you'd better have good credit and be willing to come up with a substantial down payment on your dream home. (Wed, 22 Aug 2007 12:34:55 GMT)
Accredited Home to cut 1,600 jobs and halt lending
Accredited Home Lenders Holding Co on Wednesday said it has stopped taking loan applications and will cut 1,600 jobs, citing turmoil in the subprime mortgage industry. (Wed, 22 Aug 2007 12:42:42 GMT)
Accredited Home stops lending; HSBC closes office
Accredited Home Lenders (LEND) said Wednesday that it has stopped taking loan applications and will cut 1,600 jobs, citing turmoil in the subprime mortgage industry. (Wed, 22 Aug 2007 12:55:05 GMT)
Accredited Home halts lending, to cut 1,600 jobs
Accredited Home Lenders Holding Co said on Wednesday it has stopped taking loan applications and will cut 1,600 jobs, citing turmoil in the subprime mortgage industry. (Wed, 22 Aug 2007 13:21:02 GMT)
If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Wed, 22 Aug 2007 13:25:07 GMT)
Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Wed, 22 Aug 2007 13:25:28 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Wed, 22 Aug 2007 14:08:38 GMT)
U.S. MBA's Mortgage Applications Index Fell 5.5% (Update1)
Aug. 22 (Bloomberg) -- Mortgage applications fell 5.5 percent last week, the biggest decline in almost three months, reflecting less demand to refinance and purchase homes amid a widening credit squeeze. (Wed, 22 Aug 2007 14:10:44 GMT)
Mortgage rates on 30-year, fixed-rate loans at lowest level since early June
WASHINGTON - Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home. Freddie Mac, the mortgage company, reported Thursday... (Wed, 22 Aug 2007 14:22:31 GMT)
Accredited Home Lenders shutting U.S. loan business
Accredited Home Lenders Holding Co. said Wednesday it will cut about 1,600 jobs as it shuts down its U.S. retail mortgage business and part of its wholesale operation. (Wed, 22 Aug 2007 15:27:02 GMT)
Quality Home Loans Enters Bankruptcy
Wholesale mortgage lender Quality Home Loans became the latest victim of the subprime home loan crisis, filing for Chapter 11 protection. (Wed, 22 Aug 2007 15:58:11 GMT)
Mortgage Applications Drop
(RTTNews) - Industry data released Wednesday showed that mortgage applications dropped last week, as both new mortgages and refinancing saw a drop off in activity. (Wed, 22 Aug 2007 16:01:43 GMT)
Quality Home files Ch. 11, Amstar shuts mtg unit
NEW YORK, Aug 22 (Reuters) - Quality Home Loans, a subprime mortgage lender, has filed for Chapter 11 bankruptcy, joining at least a dozen other home loan providers to seek court protection this year as the U.S. housing market slumped. (Wed, 22 Aug 2007 16:04:10 GMT)
Mortgage applications fall 5.5%; rates tick up
Applications for residential mortgages fell last week for the first time in three weeks, weighed down by a sharp drop in demand for both home-purchase and refinancing loans, an industry group said Wednesday. (Wed, 22 Aug 2007 16:38:05 GMT)
US builder hit by mortgage woes
US house builder Toll Brothers sees its profits fall 85% after tightening mortgage standards. (Wed, 22 Aug 2007 16:44:46 GMT)
Pink Slips Due to Mortgage Problems
Mortgage brokers and real estate agents get pink slips as industry adjusts. (Wed, 22 Aug 2007 17:02:17 GMT)
Accredited stops taking U.S. loan apps
Accredited Home Lenders Holding Co. said Wednesday it had stopped taking U.S. loan applications and would cut 1,600 jobs, or 62 percent of its workforce. (Wed, 22 Aug 2007 17:29:52 GMT)
Job losses spike as US mortgage firms feel downturn
Mortgage industry layoffs rose Wednesday and have jumped dramatically of late as surging home foreclosures and a credit squeeze force home lenders across America to scale back business. (Wed, 22 Aug 2007 17:43:43 GMT)
Mortgage Lenders Move to Cut Costs
SAN DIEGO -- 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. (Wed, 22 Aug 2007 18:00:41 GMT)
Investor Sues Thornburg Mortgage
The manager of KT Investments has sued Santa Fe-based Thornburg Mortgage Inc. on behalf of himself and everyone who bought Thornburg common stock since Oct. 6, 2005, alleging the price was artificially inflated. (Wed, 22 Aug 2007 18:40:41 GMT)
In Strategic Move, Capital One Shuts Down Mortgage Unit
Chad Brand submits: Those who have said the mortgage market's survivors will thrive due to fewer competitors are certainly right, but as the Capital One announcement on Monday night shows, even those that could survive might not even try to do so. (Wed, 22 Aug 2007 18:51:25 GMT)
Investor Sues Thornburg Mortgage
An investor has sued Thornburg Mortgage in Santa Fe on behalf of himself and everyone who bought Thornburg common stock since Oct. 6, 2005. (Wed, 22 Aug 2007 19:33:48 GMT)
Mortgage crisis widens at Accredited, HSBC, Lehman
The U.S. mortgage and credit crisis deepened on Wednesday, as Accredited Home Lenders Holding Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc announced a total of 3,400 job cuts, as concern mounted about the longer-term impact on the economy. (Wed, 22 Aug 2007 19:37:18 GMT)
Mortgage job losses surpass 38,000
At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. (Wed, 22 Aug 2007 19:48:19 GMT)
Gangs Find New Source of Revenue: Mortgage Fraud
The housing boom of recent years has turned mortgage fraud into a big business -- so big that some of the nation's largest gangs are getting into the act. They are searching for new ways to launder drug-dealing and gun-selling money. (Wed, 22 Aug 2007 20:12:06 GMT)
Aurora Loan Services weathers subprime unit closure
Lehman Brothers will continue to issue home loans through Littleton-based Aurora Loan Services LLC, although it is closing its BNC Mortgage LLC subprime lending subsidiary, the Wall Street investment bank said Wednesday. (Wed, 22 Aug 2007 20:22:23 GMT)
Mortgage Job Losses Surpass 40,000
CHARLOTTE, N.C. -- At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. When Clark finishes helping movers from the company's Atlanta headquarters collect computers and other property, he'll join the more than 25,000 workers nationwide who have lost jobs in the financial services industry since the ... (Wed, 22 Aug 2007 20:35:29 GMT)
Mortgage lenders move to cut costs
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. (Wed, 22 Aug 2007 20:38:46 GMT)
Mortgage job losses surpass 38,000
At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. (Wed, 22 Aug 2007 20:41:47 GMT)
Job losses spike as US mortgage firms feel downturn
Mortgage industry layoffs rose Wednesday and have jumped dramatically of late as surging home foreclosures and a credit squeeze force home lenders across America to scale back business. (Wed, 22 Aug 2007 20:46:17 GMT)
Impac Mortgage Holdings, Inc. Announces Reduction of Workforce
Impac Mortgage Holdings, Inc. , or the "Company," a Maryland corporation, being taxed as a real estate investment trust , announces that it has laid off approximately 350 employees of its nationwide workforce. (Wed, 22 Aug 2007 22:58:00 GMT)
CORRECTED: Mortgage crisis widens at Accredited, Lehman
Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc said they will slash 3,400 jobs as concern mounted about the longer-term impact on the economy. (Wed, 22 Aug 2007 23:31:39 GMT)
CORRECTED - Mortgage crisis widens at Accredited, Lehman
(Corrects number of job cuts among three lenders in first paragraph to 3,400 from 3,700) By Jonathan Stempel NEW YORK (Reuters) - Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc said they will ... (Wed, 22 Aug 2007 23:34:34 GMT)
CORRECTED - Mortgage crisis widens at Accredited, Lehman
Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings and Lehman Brothers Holdings said they will slash 3,400 jobs as concern mounted about the longer-term impact on the economy. (Wed, 22 Aug 2007 23:38:00 GMT)
Mortgage crisis widens at Accredited, HSBC, Lehman
Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc announced job cuts and concern mounted about the longer-term impact on the economy. (Wed, 22 Aug 2007 23:41:39 GMT)
Impac Mortgage Holdings cuts 350 jobs
Impac Mortgage Holdings Inc , one of the largest "Alt-A" lenders, said it has cut 350 jobs to reduce its operating expenses. (Wed, 22 Aug 2007 23:54:35 GMT)
Mortgage crisis widens at Accredited, HSBC, Lehman
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 economy. (Wed, 22 Aug 2007 23:58:00 GMT)
Bank of America to invest 2 bln dlrs in troubled mortgage giant
Financial titan Bank of America said late Wednesday it had agreed to invest a hefty two billion dollars in troubled US mortgage giant Countrywide Financial Corporation. (Thu, 23 Aug 2007 00:42:00 GMT)
Mortgage job losses surpass 40,000
At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. When Clark finishes helping movers from the company's Atlanta headquarters collect computers and other property, he'll join the more than 25,000 workers nationwide who have lost jobs in the financial services industry since the beginning of the month — ... (Thu, 23 Aug 2007 01:18:02 GMT)
Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Thu, 23 Aug 2007 04:08:06 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Thu, 23 Aug 2007 04:08:27 GMT)
If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Thu, 23 Aug 2007 04:08:46 GMT)
Bank of America to invest 2 bln dlrs in troubled mortgage giant
Financial titan Bank of America said late Wednesday it had agreed to invest a hefty two billion dollars in troubled US mortgage giant Countrywide Financial Corporation. (Thu, 23 Aug 2007 04:54:40 GMT)
Bank of America's Countrywide Bet May Bolster Mortgage Market
Aug. 23 (Bloomberg) -- Bank of America Corp. bought $2 billion of preferred stock from Countrywide Financial Corp. to stabilize the nation's largest mortgage lender as fallout from the U.S. housing slump paralyzes credit markets worldwide. (Thu, 23 Aug 2007 04:59:47 GMT)
Mortgage job losses surpass 40,000
At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. When Clark finishes helping movers from the company's Atlanta headquarters collect computers and other property, he'll join the more than 25,000 workers nationwide who have lost jobs in the financial services industry since the beginning of the month with ... (Thu, 23 Aug 2007 06:52:34 GMT)
Lehman to close home loan unit
NEW YORK -- Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank, said Wednesday it is shuttering its subprime mortgage business because of the turmoil in the home lending industry. (Thu, 23 Aug 2007 07:54:24 GMT)
Subprime-mortgage woes spread
The rising cost of credit took its toll on Lehman Bros. Holdings Inc., Accredited Home Lenders Holding Co. and HSBC Holdings P.L.C. as the subprime-mortgage fallout spread through the economy. (Thu, 23 Aug 2007 08:06:14 GMT)
Jobs slashed as mortgage crisis widens
The rising cost of credit continues to take its toll as the subprime mortgage fallout spreads through the U.S. economy. (Thu, 23 Aug 2007 08:40:13 GMT)
Corporate Bond Risk Falls in Europe as Mortgage Concerns Ease
Aug. 23 (Bloomberg) -- The risk of owning corporate bonds in Europe fell to the lowest in more than a month after Bank of America Corp. stepped in to support the biggest U.S. mortgage lender, according to traders of credit-default swaps. (Thu, 23 Aug 2007 09:56:14 GMT)
Locals shrug off mortgage mess
Jacquelyn Thomas admits she was more than a little concerned as she followed news accounts detailing worsening problems at the nation’s mortgage lenders. (Thu, 23 Aug 2007 10:11:56 GMT)
Lehman Slams Door on Mortgage Unit
Add Lehman Brothers Holdings to the growing list of subprime victims. The biggest underwriter of U.S. bonds backed by mortgages said it will close down its BNC Mortgage LLC unit in a move that will result in the firing of 1,200 employees, or about 4.2% of the companys work force. (Thu, 23 Aug 2007 10:23:55 GMT)
US mortgage firm gets $2bn boost
Bank of America makes a $2bn investment in mortgage lender Countrywide Financial, saying its assets are undervalued. (Thu, 23 Aug 2007 10:34:58 GMT)
Bankrate: Fixed and Adjustable Mortgage Rates Take Opposite Paths
Fixed mortgage rates declined, with the average conforming 30-year fixed mortgage rate falling to 6.58 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.28 discount and origination points. (Thu, 23 Aug 2007 11:30:00 GMT)
Impac Mortgage Cuts 350 Jobs
Real estate investment trust Impac Mortgage Holdings Inc. said late Wednesday it cut 350 jobs, adding to the growing list of work force reductions at mortgage companies as the industry contends with turmoil in the housing market. (Thu, 23 Aug 2007 11:39:57 GMT)
Lehman Brothers shuts subprime mortgage unit
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 ... (Thu, 23 Aug 2007 12:31:30 GMT)
Federal Home Loan Bank of Atlanta to Award Nearly $2 Million for Affordable Housing in Maryland, Virginia, and the ...
Federal Home Loan Bank of Atlanta will award $1.6 million in grants to help fund housing for low-income renters and homebuyers in Maryland, Virginia, and the District of Columbia. (Thu, 23 Aug 2007 13:42:00 GMT)
Mortgage rates decline on Fed move
Mortgage rates declined about one-tenth of a percent across the board last week, continuing recent declines, Freddie Mac reported Thursday. (Thu, 23 Aug 2007 15:16:49 GMT)
Fitch Assumes More Mortgage Defaults
Fitch Ratings said Thursday it is changing the way it judges insurers' credit risks to assume more borrowers will default on their mortgages, possibly leading to some downgrades of mortgage insurers' credit ratings. (Thu, 23 Aug 2007 15:26:21 GMT)
Moody's downgrades NovaStar Mortgage
Moody's Investors Service downgraded its servicer quality rating for NovaStar Mortgage Inc. (Thu, 23 Aug 2007 15:42:45 GMT)
Subprime mortgage crisis spreads to high-end homes
What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the wealthy New York City suburb of Larchmont? (Thu, 23 Aug 2007 16:22:00 GMT)
Rates on 30-year mortgage rates sink
Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent. That was down from 6.62 percent last week and was the lowest rate since the week ending May 31, when rates stood at 6.42 percent. The moderation ... (Thu, 23 Aug 2007 16:35:17 GMT)
In a credit pinch?
If the recent tightening in credit has affected you -- causing you to use your credit card to help pay the mortgage or to refinance your mortgage or pursue an equity loan to pay a credit card -- we'd like to talk to you for a story. (Thu, 23 Aug 2007 16:52:52 GMT)
Rates on 30-Year Mortgage Rates Sink
Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent.... (Thu, 23 Aug 2007 17:04:26 GMT)
Sector Snap: Mortgage Lenders Rally
Shares of mortgage lenders climbed Thursday a day after Bank of America Corp. said it invested $2 billion in Countrywide Financial Corp., alleviating a funding crisis at the nation's largest home lender. (Thu, 23 Aug 2007 17:11:46 GMT)
Mortgage rates drop amid recent Fed moves
Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers. (Thu, 23 Aug 2007 17:38:47 GMT)
Why You Should Refinance Now If You Have an Adjustable Rate Mortgage
(ARA) - If you took out a mortgage on your home between 2002 and 2005, chances are good you ended up going with an adjustable rate mortgage or ARM. Back then, it was just too good of a deal to pass up. (Thu, 23 Aug 2007 18:42:01 GMT)
Housing slump impacts HSBC mortgage
The U.S. mortgage unit of HSBC Holdings plc said Wednesday that it will close an office with about 600 employees in Carmel, Ind. by June 30, 2008. (Thu, 23 Aug 2007 18:42:33 GMT)
Rescue of big US mortgage firm eases, does not end concerns
Bank of America's ride to the rescue of troubled mortgage giant Countrywide Financial boosted confidence about an easing of the credit squeeze, but analysts say it's not clear if the crisis is over. (Thu, 23 Aug 2007 19:37:05 GMT)
As Foreclosures Mount, Britain Acts to Change Mortgage System
While Americans fear an epidemic of foreclosures, brought on by the subprime mortgage meltdown, Britain is already suffering one. (Thu, 23 Aug 2007 19:39:38 GMT)
BofA Has New Mortgage Opportunity
Earlier this year, Bank of America Corp. chief executive Ken Lewis was asked about the idea of buying a standalone mortgage lender. "We like the product, but we don't like the business," he said then. (Thu, 23 Aug 2007 20:17:26 GMT)
Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Thu, 23 Aug 2007 20:39:19 GMT)
Mortgage REIT strikes deal with hedge fund for financing
SAN FRANCISCO (MarketWatch) -- Struggling Luminent Mortgage Capital Inc. has agreed to a $65 million infusion of new capital from a hedge fund, a move analysts say is becoming more widespread among mortgage real estate investment trusts. (Thu, 23 Aug 2007 21:49:37 GMT)
If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Thu, 23 Aug 2007 23:05:21 GMT)
Island Escapes Mortgage Crisis
Your mortgage is safe if you borrowed locally, and credit-worthy customers can obtain a local mortgage as easily as last year, Vineyard bankers said this week. (Fri, 24 Aug 2007 00:26:51 GMT)
Dodd seeks change following mortgage market troubles
As bipartisan support grows for expanding the role of a federal housing agency in response to the mortgage market crisis, the chairman of the Senate Banking Committee on Thursday called on top administration officials to move quickly toward making that change. (Fri, 24 Aug 2007 00:49:00 GMT)
What Credit Crunch?
On AOL.com this week, the Internet-based loan company LendingTree offered "Bad credit options" and a $425,000 loan for only $1,376 a month. And Countrywide Financial, the nation's largest mortgage lender, declared, "Bad Credit? Call Today. Refinance or Tap into Your Home's Equity" in an online ad... (Fri, 24 Aug 2007 01:21:03 GMT)
Jumbo loans causing home buyers to come up short
The nation’s creditors are struggling, as are some home buyers and sellers. Even buyers who have good credit and money may struggle due to the tightening home loan market. When... (Fri, 24 Aug 2007 02:25:09 GMT)
Home loans cut off at the passkey
Some New Jersey home buyers and mortgage-refinance customers became victims of the subprime and alternative mortgage meltdown before they even got their loans. (Fri, 24 Aug 2007 02:58:34 GMT)
In Britain and U.S., Urgent Steps to Change Mortgage Systems
While Americans fear an epidemic of foreclosures, brought on by the subprime mortgage meltdown, Britain is already suffering one. (Fri, 24 Aug 2007 03:24:58 GMT)
Avoiding a Mortgage Meltdown
If the deepening lending crisis is an imminent threat, borrowers have options to improve their standing (Fri, 24 Aug 2007 03:52:01 GMT)
Mortgage rates dip to three-month low
Rates on 30-year mortgages sank this week to their lowest point since late May, providing a ray of sunlight for would-be home buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent, down from 6.62 percent last week and was the lowest rate since the week ending May 31, when rates stood at 6.42 percent. In mid-June, rates on 30-year ... (Fri, 24 Aug 2007 05:07:57 GMT)
Dodd seeks changes following mortgage market troubles
As bipartisan support grows for expanding the role of a federal housing agency in response to the mortgage market crisis, the chairman of the Senate Banking Committee on Thursday called on top administration officials to move quickly toward making that change. (Fri, 24 Aug 2007 05:18:40 GMT)
If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Fri, 24 Aug 2007 06:07:56 GMT)
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