Mortgage and Financial News From 2007-9-14 Page 4

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  • Euroshares close lower as Northern Rock funding woes stoke credit ...

    CNN Money - ... Taylor Wimpey slumped 5.7 pct, Barratt Developments dropped 4.7 pct and Bovis Homes fell 5.6 pct. Elsewhere, German mortgage lender Interhyp AG lowered its 2007 guidance because of continually difficult demand for private mortgage loans in Germany. ...
    2007-09-14 12:32:00

  • Northern Rock Teeters On The Edge

    Forbes - The problems in the credit markets originated in the United States, where, at the tail end of a multiyear housing boom, mortgage loans were made to many unqualified buyers. As housing prices stopped rising and low introductory mortgage rates ended ...
    2007-09-14 12:32:00

  • Merrill forced to cut value of some assets

    MSN MoneyCentral - ... shares plunge this year in the wake of the credit squeeze, which has brought leveraged buy-out activity to a standstill, decreased revenue from securitisation and cut into the value of asset-backed securities, especially tied to risky mortgage loans ...
    2007-09-14 04:35:00

  • Bank of England tries to stop a run on mortgage bank

    USA Today - LONDON — The Bank of England provided emergency funding to mortgage lender Northern Rock on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from ...
    2007-09-14 05:33:00

  • U.K. Lender Is Latest to Join Mortgage Crisis

    Wall Street Journal - For one thing, it has relied more than other U.K. lenders on its ability to package and sell its mortgage loans to investors, who have shied away from mortgage-backed securities ever since concerns over risky U.S. subprime loans began to spread ...
    2007-09-14 07:27:00

  • Nebraska sues mortgage broker for predatory lending

    USA Today - That officer arranged more than $11 million in mortgage loans between January 2004 and January 2006 and the company "unjustly profited" from the loan officer's "fraudulent behavior." • That loan officer was believed to have forged a customer's ...
    2007-09-14 03:24:00

  • Nebraska sues mortgage broker for predatory lending (USA Today)

    The state of Nebraska has sued Advantage Mortgage Service, intending to revoke its license for what the state says were predatory lending practices.
    2007-09-14 01:45:23

  • Countrywide Caught in Mortgage Spiral (Washington Post)

    LOS ANGELES -- Countrywide Financial Corp. grew from a two-man startup in 1969 to become the nation's leading mortgage lender by deftly riding out housing boom-and-bust cycles. This time around, however, the ride has been a lot rougher, leaving the company in a scramble to regain its footing as the housing market has turned from boom to bust.
    2007-09-14 04:22:13

  • Arizona Ranks Third in Sub Prime Loans (KTAR 92.3 Phoenix)

    Another degree added to the mortgage meltdown, as Arizona has the third highest percentage among states for volatile subprime loans. About 18 percent of mortgages in Arizona have sub prime adjustable rates - so if it's not you, it could be your neighbor.
    2007-09-14 01:38:47

  • Lender Seeks Court Approval to Sell Construction Loans (KTAR 92.3 Phoenix)

    A Tucson-based mortgage lender has sought bankruptcy-court approval to sell some construction loans. First Magnus Financial Corporation would sell the loans to Summit Investment Management LLC for $6.4 million unless another bidder offers more at an auction.
    2007-09-14 12:38:45

  • U.K. props up mortgage lender Northern Rock (MSNBC)

    The Bank of England provided emergency funding to mortgage lender Northern Rock PLC on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from other financial institutions.
    2007-09-14 05:03:44

  • First Magnus Seeks OK to Sell Loans (AP via Yahoo! Finance)

    Mortgage lender First Magnus Financial Corp. has sought bankruptcy-court approval to sell some construction loans to Summit Investment Management LLC for $6.4 million unless another bidder offers more at an auction.
    2007-09-14 11:08:46

  • The Fred and Rudy show

    Salon - ... on the supposedly liberal New York Times for selling the ad at a discount rate ... This is prime-time, Fred -- you need to know your lines. I'll be talking about all ... There is interest at senior levels [of the Pentagon] in getting alternative views" to ...
    2007-09-14 05:47:00

  • Wall Street rises on rates cut hope

    Xinhua News Agency - ... 14 (Xinhua) -- Wall Street rose slightly on Friday on expectations that the Federal Reserve would cut benchmark interest ... It would mark the first reduction in four years in the funds rate, which directly influences banks' prime lending rate, the ...
    2007-09-14 02:34:00

  • Safe for now from sub-prime woes

    The Australian - And the biggest impact from the sub-prime loans crisis has been on confidence and a shrinkage in global liquidity -- shown by the 50 basis point gap that short-term interest rates (bank bills) now have over the official cash rate, South says. "If the ...
    2007-09-14 04:14:00

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