Mortgage and Financial News From 2007-9-22 Page 14
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Beware foreclosure vultures
Philadelphia Inquirer - A rising tide of mortgage delinquencies and foreclosures nationwide, caused in part by quick jumps in interest rates on subprime mortgages to owners with poor credit records, has drawn attention to ... Ugly also can mean the situation is bad. Perhaps the ...
2007-09-22 12:27:00 -
Mortgage company laying off hundreds 6:40 PM
WCNC - HSBC is the parent company of Decision One Mortgage. The company made risky loans to people with bad credit at higher interest rates. Not anymore – the company is closing Decision One Mortgage. That’s 121 jobs lost in Charlotte ...
2007-09-21 03:30:00 -
More Mortgage Rates Increase!
Sky.com - The bad news is that mortgage re-pricing is likely to continue for as long as tighter credit conditions prevail. So, even though the Bank of England hasn't raised its base rate since July, variable-rate mortgages are becoming more expensive. This is a ...
2007-09-20 05:54:00 -
HSBC to shut U.S. unit (Pioneer Press)
HSBC Holdings PLC, the UK bank among the first to disclose soured U.S. home loans seven months ago, will shut its Decision One subprime mortgage unit and eliminate 750 jobs. Employees in Phoenix, Charlotte, N.C., and the U.S. unit's Fort Mill, S.C., headquarters will be affected, London-based HSBC said Friday. HSBC's provisions for bad loans, primarily to U.S. borrowers with poor credit ...
2007-09-21 10:17:20 -
HSBC closes US sub-prime mortgage unit (Independent)
HSBC has announced the closure of part of its troubled US sub-prime mortgage business, putting up to 750 jobs at risk, as the fallout from the credit crunch continued.
2007-09-21 04:59:52 -
Investment bank gains in Q3 could be a drag in future
Economic Times - ... that offset big losses during a tough quarter for investment banks, where difficulty in areas including subprime mortgages ... Molinaro added that Bear Stearns has ways to hedge its risk, so the gains do not reverse. But accounting experts said ...
2007-09-21 03:16:00 -
Fed supports limit on Fannie, Freddie
Contra Costa Times - Frank and other Democrats, seeking to reverse the biggest housing market slump in 16 years, have called on the Bush administration to allow Fannie Mae and Freddie Mac to buy bigger mortgages and expand their $1.5 trillion investment portfolios. In the ...
2007-09-20 06:06:00 -
Rock climbing
BBC Brasil - The problem here is we're only where America was 9 months ago. The bigger issue is at what rate will NR sell mortgages if they are going to borrow at 7% and where is the growth going to come from once house inflation goes into reverse. If that isn't ...
2007-09-19 05:55:00 -
Solid as a building society
Daily Telegraph - No wonder the FTSE 100 went into reverse, with another 30pc of the Rock's market value evaporating and shares which cost ... Ninja mortgages for borrowers with no income and no job or assets; Structured Investment Vehicles and SIV-lites (don't ask ...
2007-09-21 03:59:00 -
Help For Homes' Owners
Hartford Courant - Make reverse mortgages easier to obtain. Elderly homeowners would find the loan limit up, a key provision championed by Republican committee members. Lower origination fees for elderly homeowners. The current fee is 2 percent; it would drop to 1.5 ...
2007-09-18 05:57:00 -
Those really in need should get tax relief
Evening Star - For example, taxes can be paid through reverse mortgages. Lenders (including charitable organizations) can pay the real-estate taxes and receive those funds, plus interest, when the house is sold at the convenience of the owner. That gives people ...
2007-09-21 08:20:00 -
Forget the bank: Tapping your family for cash
MSNBC - The loans it handles range from easily documented "handshake" loans of several hundred dollars to complicated reverse mortgages of hundreds of thousands of dollars designed to keep an ailing loved one in their home and the home in the family. The ...
2007-09-18 05:57:00 -
Robert Wagner is Vertical Lend's star pitchman
Newsday - But the news about reverse mortgages isn't all good for Vertical Lend. In April Massachusetts's Division of Banks ordered the company to cease operations in the state after accusing it of fradulent practices including forging customer's signatures ...
2007-09-21 05:36:00 -
The Cost of 'No-Cost Mortgages' (Washington Post)
In a recent column, I discussed Bank of America's new no-fee loan program for home buyers, under which lender and third-party fees are absorbed by the bank. On a fixed-rate mortgage, the borrower would pay the interest rate and points, and that's it. Price shopping would be so much easier, I mused, if all lenders did the same.
2007-09-21 01:39:03 -
Reverse mortgages can be attractive alternative for seniors (Seattle Times)
The reverse mortgage is helping some seniors escape tight spots created by risky mortgages and home-equity lines of credit.
2007-09-22 12:34:18