Mortgage and Financial News From 2007-9-22 Page 15
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Surprise: 'Toxic' Mortgages Are the Best
BusinessWeek - This is a subtler notion, but the idea is that if there are going to be a certain number of defaults in a pool of mortgages ... But they say that the prepayment penalties that are common in subprime loans are a good second best. How could that be ...
2007-09-20 05:54:00 -
After Thousands Protest, Nation Awaits Fate of Jena 6 Noose Defendant
Diversity Inc - The families of the other boys took out second mortgages on their homes to satisfy bail bonds that ranged from $78,000 to $110,000. Jena, which is 85 percent white and 13 percent black, is fighting to reclaim its "innocent" small-town history ...
2007-09-21 10:36:00 -
Fixed-rate mortgage cost cut
Channel 4 News - Last week the UK's biggest mortgage lender Halifax and the country's second biggest lender Abbey both said they were raising the rates charged on some of their tracker mortgages by between 0.1% and 0.2%. A number of other groups have since followed ...
2007-09-21 04:56:00 -
Traders see long U.S. home slump
Montreal Gazette - ... Shiller Home Price indexes, which last month indicated home values suffered their worst decline in the second quarter since the data series began 20 years ago. Rising inventories of homes for sale and foreclosures because of poorly written mortgages ...
2007-09-21 11:58:00 -
Housing woes water down demand for pools, other home add-ons
Riverside Press Enterprise - When the housing market was booming and values increasing by as much as 30 percent a year, people used their homes as ATMs, taking out second mortgages or lines of equity to finance such purchases, said Jon Marcell, owner of ...
2007-09-21 12:45:00 -
HSBC to Close U.S. Mortgage Unit
Wall Street Journal - The bank expects to record a noncash goodwill impairment of about $880 million and a $65 million restructuring charge in the second half of this year. The move follows its decision in March to stop buying mortgages from other lenders. In 2003, HSBC ...
2007-09-21 09:46:00 -
Fannie, Freddie portfolio caps may be lifted in Feb
Boston Globe - ... Freddie Mac on Friday said growth limits placed on the two biggest providers of money for U.S. residential mortgages may be ... Net income at Freddie Mac fell to $764 million in the second quarter from $1.4 billion in same period last year. Federal ...
2007-09-21 05:32:00 -
HSBC cuts subprime mortgages, 750 jobs
Raleigh News & Observer - ... credit -- has been collapsing since late last year as defaults have spiked and investors have declined to buy these mortgages ... HSBC, which stands for Hong Kong and Shanghai Banking Corp., said it will record $945 million in charges in the second half ...
2007-09-21 11:58:00 -
Credit doesn't crumble for all
Chicago Tribune - Some people can't get home loans or refinance their adjustable-rate mortgages. Others are seeing the interest rates on their ... It's a large group even though mortgage delinquency rates topped 5 percent in the second quarter and undoubtedly will go ...
2007-09-21 11:51:00 -
Northern Rock shares rise; government ponders legislation
CNBC - Analysts say Northern Rock had a strong portfolio of mortgages, but so far no one has made an offer to take over the company. Nic Clarke, an analyst at Charles Stanley & Co., said the turmoil in credit markets that ignited Northern Rock's crisis had ...
2007-09-21 10:08:00 -
O.C. investors accuse fundraiser Hsu of fraud
Los Angeles Times - Others took out second mortgages. "These are not wealthy, sophisticated investors," Bollard said. "This is not a group of people who had a lot of money to lose." The suit lays out how Hsu attempted to leverage his growing profile as a fundraiser to ...
2007-09-21 11:58:00 -
Surprise: "Toxic" Mortgages Are the Best (BusinessWeek)
A new study by professors from Columbia and NYU states that the "optimal" mortgage in a perfect world is an option ARM
2007-09-21 01:04:55 -
HSBC cuts subprime mortgages, 750 jobs (The News & Observer)
HSBC Holdings, the British bank that was 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.
2007-09-22 12:46:37 -
Surprise: 'Toxic' Mortgages Are the Best (BusinessWeek)
A new study from professors at Columbia and NYU finds that the "optimal" mortgage in a perfect world is an option ARM
2007-09-21 07:06:05 -
Satire: Neil Young Returns to St. Louis; Fans Secure Second Mortgages to Buy Tickets (Blogcritics.org)
Bring the dough...or a Sherpa Tickets for Neil Young’s upcoming concert in St. Louis go on sale Monday, September 24. Young will perform his Chrome Dreams, Continental show on November 18 at the Fox Theatre, and the show will include both acoustic and electric sets. Ticket prices range from $58 for upper, upper, upper (bring a Sherpa) balcony seats to $184.50 for posh,...
2007-09-21 12:09:41