Mortgage and Financial News From 2007-8-18 Page 9
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First Magnus mortgage to stop new loan funding
San Diego Union-Tribune - The shutdown of First Magnus' operations is the latest in a string of lender collapses. American Home Mortgage quit writing home loans Aug. 3 and filed for bankruptcy protection three days later, blaming its troubles on margin calls from banks that ...
2007-08-16 05:50:00 -
Howard's big letdown
The Australian - The more the Coalition tried to lock in special-interest voting blocs off the budget, the more the central bank raised interest rates to check inflation in an overstretched economy. Australia's revenue surge during the Howard era created a uniquely ...
2007-08-18 11:14:00 -
Australian Lender RAMS Hurt by Lack of Liquidity
Wall Street Journal - SYDNEY, Australia -- Australian nonbank-mortgage lender RAMS Home Loans Group Ltd. said a lack of liquidity in a segment of the U.S. commercial-paper market has forced it to extend two short-term debt programs. The extension will drive up the lender ...
2007-08-16 07:52:00 -
Asian markets continue slump after Wall Street losses
International Herald Tribune - Growing doubts that the Bank of Japan will lift interest rates any time soon amid the market turmoil helped shore up Japanese government bonds. The 10-year futures hit a five-month high before trimming gains while speculation that the U.S. Federal ...
2007-08-15 12:55:00 -
Subprime lender NovaStar firing 37% of staff
USA Today - NEW YORK — NovaStar Financial (NFI) , a subprime mortgage lender, said Friday it will fire about 500 employees, or 37% of its workforce, as it reduces home loans given tough capital markets conditions. The lender also said it will temporarily stop ...
2007-08-17 05:13:00 -
Banks, mortgage lenders rally
Reuters - Among mortgage lenders, shares of Countrywide Financial Corp (CFC.N: Quote , Profile , Research ), the nation's largest mortgage lender, rose 16 percent to $22. Shares of Accredited Home Lenders Holding Co (LEND.O: Quote , Profile , Research ) climbed 10.8 ...
2007-08-17 12:49:00 -
Mixed close on Wall Street after seesaw day
New York Daily News - Investors have also been hoping that policymakers might lower interest rates to help bolster the economy, which is a positive step for Treasurys. The likelihood of a rate cut before, or at, the next Fed meeting seemed less likely as the central bank ...
2007-08-17 12:46:00 -
A debt culture gone awry
International Herald Tribune - In order to continue borrowing at reasonable interest rates America needs to retain credibility with its overseas creditors, especially Far Eastern nations running huge trade surpluses. A cessation of foreign lending would force the Fed to raise ...
2007-08-18 12:52:00 -
Net Worth: Answers to common questions about the mortgage crisis
San Francisco Gate - A: When a home buyer borrows more than 80 percent of a home's value, the lender usually requires the borrower to pay for mortgage insurance, which protects the lender if the borrower defaults on the loan. In recent years, many borrowers avoided ...
2007-08-16 01:11:00 -
Japan's stocks suffer biggest crash in seven years
The Independent - Yesterday's sell-off was in part prompted by growing concern that a slowdown in the US economy would reduce demand for Japanese exports, as well as speculation that the Bank of Japan will raise interest rates next week despite the market uncertainty. ...
2007-08-18 10:03:00 -
Your mortgage, deposits still safe at Countrywide
Fort Lauderdale Sun-Sentinel - Financial turmoil at Countrywide Financial Corp. , the biggest U.S. mortgage lender, might have many people wondering if their home loans are in trouble. And what about funds deposited in Countrywide's affiliated savings and loan operation ...
2007-08-18 09:20:00 -
Finally, Fine Print You Can Read!
MSNBC - Credit card users -- that's virtually all of us -- will better understand the fees and the penalty rates imposed for their ... The table would include a statement of the transgressions that could trigger a penalizing interest rate. You would also find ...
2007-08-14 12:56:00 -
Mortgage lender driven to $11.5bn credit line
MSN MoneyCentral - In Australia, shares in Rams Home Loans, the large mortgage lender, fell almost 60 per cent after it said it had failed to refinance more than A$6bn (£2.37bn) of short-term debt. The setback came two days after Rams said that its current year profit ...
2007-08-16 10:37:00 -
First Magnus lays off 99% staff
Business Standard - ... lender Aegis Mortgage Corp and Atlanta-based HomeBanc Corp file for bankruptcy National City Corp, Ohio's largest bank, will merge two home-loan units, eliminating an unspecified number of jobs Countrywide, the biggest US mortgage lender, goes in ...
2007-08-18 06:24:00 -
Interim 2007 Jardine Lloyd Thompson Group PLC Earnings Presentation ...
Insurance News Net - ... in all classes of insurance, including cat in the Gulf of Mexico, we are seeing further significant weakening of rates and ... I read with some interest Pat [Gallagher's] comments on the wires only 24 hours ago where he called the current market a ...
2007-08-18 05:27:00