Mortgage and Financial News From 2008-1-30

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  • More bleak news on housing front

    Chicago Tribune - ... re still in the middle of all this," said Bob Walters, chief economist for Quicken Home ... He thought he had taken out a fixed-rate mortgage three years earlier. Believing he had been deceived by his lender, he worked with Action Now, a grass-roots ...
    2008-01-30 05:57:00

  • Countrywide Loses $422 Million

    Washington Post - Countrywide Loses $422 Million Bank of America Affirms Deal to Buy Troubled Mortgage Lender ... Countrywide attributed $831 million of its losses to defaults on home equity lines of credit that might not be repaid ...
    2008-01-30 06:18:00

  • Mortgage giant Countrywide loses $422 million

    Houston Chronicle - There were $831 million in impairment charges due to an increase in mortgage delinquencies and revised estimates of home price declines, which forced the lender to account for the prospect of more defaults and credit-related losses. The company's ...
    2008-01-29 06:55:00

  • MyClosingSPACE Introduces New Concept for Buying Title Insurance and ...

    Forbes - ... the company's new business model signals the beginning of dramatic, and much needed, reform of mortgage and real estate industries. Traditionally, title insurance is purchased for the home buyers (or refinancer) by the realtor, attorney, or lender ...
    2008-01-30 07:37:00

  • NIBC Bank Has 70% Risk of Default, Credit Derivatives Show

    Bloomberg - Jan. 30 (Bloomberg) -- NIBC Bank NV, the Dutch lender roiled by U.S. subprime mortgage losses, has a 70 percent risk of default after ... NIBC, which lost at least 137 million euros on securities linked to home loans, abandoned an initial public ...
    2008-01-30 09:39:00

  • Bank Default Risk Rises in Europe After UBS Reports Record Loss

    Bloomberg - The industry guarantees about $2.4 trillion of securities issued by U.S. cities and states and bonds backed by home loans. Credit-default swaps on U.K. mortgage lender Alliance & Leicester Plc rose 15 basis points to 180, according to CMA ...
    2008-01-30 04:38:00

  • Could you lose your home?

    BBC News - Experts advise prioritising your mortgage payments, and talking to your lender early if you think you're going to struggle. And what if you're still trying to get on the property ladder? The FSA's report says the cost of buying a first home has ...
    2008-01-30 09:46:00

  • Shortage of Short-term Lenders?

    NHPR - listen: No audio currently available. Order on CD (pdf). A Senate Committee heard testimony on legislation today that would cap payday loan interest rates. Supporters argue the cap is needed to protect borrowers living paycheck to paycheck from ...
    2008-01-29 03:02:00

  • Kaupthing Cancels EU3 Billion Acquisition of NIBC (Update3)

    Bloomberg - NIBC said in August that it lost at least 137 million euros on U.S. subprime mortgage bets. `Under pressure ... The lender will book a charge of 85 million euros in the fourth quarter after losses on structured-credit products, it said ...
    2008-01-30 04:02:00

  • Rivers of gold in domain name business

    Stuff - In Rick Schwartz's thriving real-estate business there are no rising interest rates to fret over, no land taxes to deal with and ... Then there is candy.com, cd.com and widgets.com all in the hunt for a multi-million dollar conclusion for me and a ...
    2008-01-30 07:51:00

  • Slide in U.S. dollar 'nearing an end'

    Calgary Herald - The U.S. dollar is reaching a bottom, as interest rate cuts get priced in, foreign investment starts to pour into the United ... Markets have already priced in a deep U.S. contraction, with real rates -- nominal rates minus inflation -- forecast to end ...
    2008-01-29 11:59:00

  • Trading scandals the price of innovation and growth

    Montreal Gazette - Right now, it looks like payback time after five years of bumper economic growth and rockbottom interest rates that fuelled a carefree investment climate. Ten years back, one of the big failures was LTCM, a hedge fund revered on Wall St. as the ...
    2008-01-29 11:59:00

  • There is help for homeowners in need - West Roxbury Transcript

    There is help for homeowners in needWest Roxbury Transcript, MA - 1 hour agoIf you have a mortgage you cannot afford; need help determining what you can afford; need assistance with home repairs or would like to sign up for one of ...
    2008-01-30 08:39:35

  • Cost of buying a home rose 351% in 12 years - Mortgage Strategy

    Cost of buying a home rose 351% in 12 yearsMortgage Strategy, UK - 1 hour ago“Mortgage lenders are demanding ever higher deposits as the credit crunch continues to take effect. If the Bank of England cuts interest rates next week, ...
    2008-01-30 08:47:09

  • Sub-prime illiteracy - Laurel Leader Call

    Sub-prime illiteracyLaurel Leader Call, MS - 1 hour agoSince sub-prime loans are high risk, mortgage lenders charge higher interest rates on them. Such loans are very profitable — so long as they are paid back. ...
    2008-01-30 08:47:52

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