Mortgage and Financial News From 2008-3-9 Page 9

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  • How to Stop the Mortgage Crisis

    Wall Street Journal - Since mortgages are generally "no recourse" loans, when there is a default the mortgage lender can only collect the value of the ... The legislation creating these loans would stipulate that the interest payments would be, like mortgage interest, tax ...
    2008-03-07 12:37:00

  • Editorial: Foreclosure remedies shouldn't go too far

    Minneapolis Star Tribune - ... Foreclosure Deferment Act, qualified owners with subprime loans who are in mortgage ... should ensure that any type of limited and temporary deferment plan covers only ... If government forces lenders to reduce principal or freeze or adjust interest rates ...
    2008-03-09 01:56:00

  • Downturn Tests the Fed’s Ability to Avert a Crisis

    New York Times - There are times when there is only so much the Fed can do,” said Barry Ritholtz, chief executive of FusionIQ, an ... Mortgage interest rates headed back up almost immediately, and by early February the stock market was falling again after reports ...
    2008-03-09 11:11:00

  • A Reverse Mortgage Mess?

    Washington Post - ... lump sum, monthly payments or a line of credit, and the loan comes due only when ... Could reverse loans become the mortgage scandal of the next decade? ... year-old borrower in a $300,000 home can add up to $30,000 -- not including interest ...
    2008-03-07 01:05:00

  • Central bankers powerless

    Financial Times - If you face only a liquidity problem, the rate of interest matters a great deal, since it determines the price you pay to regain liquidity. ... sector after sector, starting off with subprime mortgages, spilling over to the rest of the mortgage ...
    2008-03-09 04:19:00

  • How government makes things worse

    Boston Globe - WHAT DO ethanol and the subprime mortgage meltdown have in common? Each is a good reminder of that most powerful of ... loans and agreeing to dangerously lax underwriting standards - no down payment, no verification of income, interest-only ...
    2008-03-09 01:34:00

  • Tech-based firm helps rout mortgage fraud

    Miami Herald - The 1003 AppScan, an automated Web-based filter, subjects mortgage applications to ... and profiting even more from the bottoming. At the height of the frenzy, interest ... streets to arrive at values for property on far less desirable streets only ...
    2008-03-09 02:53:00

  • Recession fears rise as firms slash jobs

    Boston Globe - ... report that US employers cut more than 60,000 jobs last month, the biggest decline in nearly five years and the second ... has been blunted by the so-called credit crunch as banks, many sustaining huge losses from rising defaults in risky mortgages ...
    2008-03-08 02:27:00

  • CREDIT WRAPUP 2-Thornburg in danger; WaMu takes ratings hit

    Guardian Unlimited - ... cut its ratings on Bank of America Corp, Citigroup, Fifth Third and SunTrust, due to their exposures to residential mortgages. ... Street sentiment slumped after a monthly U.S. government report showing employers unexpectedly shed jobs for the second ...
    2008-03-07 03:28:00

  • Ambac Gets $1.5 Billion in Capital to Keep AAA Grade (Update10)

    Bloomberg - March 7 (Bloomberg) -- Ambac Financial Group Inc. , the world's second-largest bond insurer, raised about $1.5 billion in a ... 21 cents a share and suspend its business of writing guarantees on many kinds of bonds, including those backed by mortgages.
    2008-03-07 01:19:00

  • Countrywide under FBI Investigation for Possible Fraud

    The Money Times - The focus of investigation lies in finding whether Countrywide's management altered the quality of its mortgages in routine ... from the FBI investigation, it could rush for a planned $4 billion acquisition by Bank of America, the nation's second ...
    2008-03-09 09:59:00

  • Wall Street Executives Defend Pay at House Hearing (Update3)

    Bloomberg - ... who faulted them for pocketing hundreds of millions of dollars while shareholders lost billions on subprime mortgages. ... Morgan Stanley CEO John Mack didn't take a 2007 bonus after the second-biggest U.S. securities firm by market value wrote ...
    2008-03-07 01:48:00

  • U.S. Consumer Borrowing Rose, Led by Credit Cards (Update1)

    Bloomberg - ... are turning to other forms of short-term financing after the collapse in subprime mortgages made it harder to qualify for loans. Personal income in January rose at a slower pace than inflation, and credit card usage in January rose for a second ...
    2008-03-07 12:58:00

  • U.S. stocks drop on jobs report

    International Herald Tribune - NEW YORK : U.S. stocks fell for a second day after the biggest drop in jobs since 2003 sent energy and mining stocks lower ... have posted losses exceeding $181 billion since the start of last year as the impact of surging defaults on subprime mortgages ...
    2008-03-07 11:39:00

  • Fed to Make $200 Billion Available To Lenders

    Washington Post - ... to get mortgages and is increasing the rates they must pay on credit cards and auto loans. Even solid businesses are finding it difficult to raise money to expand.
    2008-03-08 02:41:00

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