July 2nd, 2008
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July 2nd, 2008
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July 2nd, 2008
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July 1st, 2008
For some firms that dabbled in real-estate lending, the stock market’s advice seems to be: “Run away at any cost.” As CIT Group ( CIT ) and H&R Block ( HRB ) demonstrate, investors are rewarding once-diversified companies that ditch all Read More
Gov. Mike Easley called on state lawmakers Tuesday to make up for the federal government’s inaction by approving a measure to help some struggling North Carolina homeowners by giving them more latitude to repay their debt. “We’ve all been looking to Read More
July 2 (Bloomberg) — Former Bank of England policy maker Stephen Nickell said the central bank should avoid raising interest rates to curb inflation as the mortgage market edges close to “a famine'’ and wages stay under control. “There isn’t a Read More
Charlotte | Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the options of Wachovia Read More
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July 1st, 2008
NEW YORK — CIT Group Inc. said Tuesday it agreed to sell nearly $10-billion (U.S.) of mortgage assets, in a deal that removes problem loans from the commercial lender’s balance sheet and lifted its shares 14 per cent in premarket trading. CIT Read More
Florida Attorney General Bill McCollum is set to discuss details of a lawsuit against Countrywide Financial Corp., the nation’s largest mortgage lender. McCollum filed suit against Countrywide on Monday for misleading and unfair trade practices. He Read More
OREM, Utah - (Business Wire) Family First Federal Credit Union today launched MortgageBot, an Internet-based solution that simplifies and streamlines the mortgage lending process for its members. Leveraging online software, Family First members can Read More
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July 1st, 2008
CHARLOTTE – Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the options of Read More
CHARLOTTE, N.C. (AP) — Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the Read More
Angelo Mozilo will step down Tuesday as the head of Countrywide Financial Corp., the company he founded 39 years ago and built into the largest mortgage lender in the U.S. A victim of the mortgage meltdown, Countrywide is being acquired by Bank of Read More
THE Reserve Bank of Australia has decided today to leave interest rates on hold at 7.25 per cent, giving homeowners some relief on mortgage payments. After eight interest rate rises in three years, the central bank is hoping that slowing economic Read More
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June 30th, 2008
A celebrity chef was planning the menus, brides were negotiating room rates and 250 staffers were on the payroll. But four months before Hotel Monroe was scheduled to open, its lender went bankrupt. Now it could be at least a year before the 150-room Read More
We have seen the banks collapse and we know that residential mortgages — not private equity or commercial loans — are almost entirely the reason. Read More
June 30 (Bloomberg) — Newly delinquent homeowners with private mortgage insurance outnumbered those who caught up on overdue payments for a 26th straight month in May, according to the Washington-based Mortgage Insurance Companies of America . In Read More
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June 29th, 2008
Mortgages Rise SlightlyWall Street Journal - Jun 26, 2008WASHINGTON — Home-mortgage rates drifted up this week, with adjustable-rate mortgages climbing the most, Freddie Mac reported Thursday. …
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Embattled lender looks to Sarver's companyArizona Republic, AZ - 17 hours ago29, 2008 12:00 AM Financing from Phoenix Suns majority owner Robert Sarver's real-estate company could help bankrupt Mortgages Ltd. continue to fund some …
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June 29th, 2008
Everywhere you turn, the news on the economy seems dire. Oil prices are through the roof, home prices are through the floor, the stock market’s plunging, and the entire U.S. economy seems shaky. Here’s a look at what’s going on, why and when we’ll Read More
NEW YORK June 29, 2008, 02:51 pm ET · The year is nearly halfway over, and Wall Street appears to be on even shakier ground than when it began 2008. And this shortened week ahead of the Fourth of July holiday is unlikely to bring the market enough Read More
MADRID (Thomson Financial) - Spanish Prime Minister Jose Luis Rodriguez Zapatero on Sunday urged the European Central Bank to show ‘flexibility’ in its interest rate policy which he said is too focused on fighting inflation. The bank ’should have a Read More
There is no glaring reason that this five-bedroom Colonial in Waltham has been on the market for three years. The house has one unusual feature: It is situated at the back of the lot, so the expanse of yard is in the front. But it could be any large Read More
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June 29th, 2008
Shaky loans on lenders’ books are rising at a faster pace than the reserves that banks are setting aside to cover potential losses. In Illinois, 45 percent of banks and thrifts with non-performing loans don’t have enough reserves to cover those Read More
When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6 million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen. More than three million Read More
Shareholders of Countrywide Financial have voted for Bank of America ’s estimated $3 billion takeover of the struggling mortgage company. Many analysts and investors publicly wonder why Bank of America would buy the troubled mortgage lender, which Read More
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