Mortgage and Financial News From 2007-8-26 Page 14
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Rapper's Home Raided; Suspected Drugs Found (WSB-TV 2 Atlanta)
Deputies searching the home of rapper DMX during an animal cruelty probe reported finding about a half-pound of suspected illegal narcotics.
2007-08-26 12:09:47 -
Home-owning dream now nightmare for many (Houston Chronicle)
For five years, the housing boom put money in the pockets of lenders, brokers, Realtors and investors and granted easy mortgages. But as home prices decline and interest rates climb, the cracks in the housing market's foundation are widening.
2007-08-25 06:28:47 -
The next credit crunch?
Chicago Tribune - You're not going to be able to get that mortgage loan. You'll be stuck with the higher interest credit card debt," warns Carl Steidtmann, chief ... She is contributing only 1 percent to her 401(k) plan even though her insurance company employer ...
2007-08-26 03:20:00 -
Samuelson: Who's to Blame for Unstable Markets?
MSNBC - In 2006, about 90 percent of new "subprime" mortgages had adjustable interest rates. That exposed borrowers to future rate increases—which many now can't afford. Wall Street. The mortgage bankers got giddy only because they could sell the loans to ...
2007-08-25 08:17:00 -
Wealth Check: 'How high can I climb on the London housing ladder?'
Worldnews.com - She bought a one-bed flat in Brockley, south London , 18 months ago for £156,000, taking out a 100 per cent interest-only HomeStart mortgage with HSBC. This costs £700 a month and is fixed until February at 5.39 per cent. "It was tricky getting on ...
2007-08-26 01:18:00 -
Ford and GM say factories in US face axe
Observer - ... crippling blow to Detroit, which is suffering amid a prolonged economic downturn and has been hit by the sub-prime mortgage ... Bob Nardelli, the new Chrysler CEO, has been most vocal in calling for an interest rate cut to help boost consumer activity. ...
2007-08-26 12:06:00 -
U.S. banks weather mortgage meltdown
AZCentral.com - ... rate mortgages with low teaser rates because those were the only ways they could qualify for loans. When the Federal Reserve started pushing interest ... Co. expects a record profit for the year, as the beleaguered mortgage division accounted for only ...
2007-08-26 04:17:00 -
Mortgage Mess Hurts Main Street, Beyond (AP via Yahoo! Finance)
The walls are bare, the closets are empty, and Connie and Timothy Pent and their two teenage children are living out of boxes as they wait for a dreaded knock at the door of their three-bedroom house in Ocala, Fla.
2007-08-26 04:01:12 -
MORTGAGE MELTDOWN / As woes rise, know your money fund (San Francisco Chronicle)
Skittish investors worried about the subprime mortgage fallout have been piling into government money market funds, which is contributing to a drop in yield on these safe-haven investments. From Aug. 9 through Thursday, the average yield on government money...
2007-08-26 03:49:43 -
Subprime crisis to hit US job market hard
Gulf News - Washington: Subprime-battered mortgage lenders are shutting down, fewer homes are being built, and even some of the big US retailers are planning conservatively for Christmas holiday sales. It will take a few months to show up in the economic data ...
2007-08-26 01:39:00 -
How To Get A Cheaper Mortgage
Sky.com - According to the Council of Mortgage Lenders, in the first half of 2007, 125,100 mortgages had slipped into arrears of at least three months. Make sure you don't become one of the statistics. > Compare mortgages through The Fool's award-winning ...
2007-08-24 12:59:00 -
UPDATE 1-Wachovia sues Thornburg Mortgage for $5.1 million
Reuters - Mortgage lenders have increasingly had trouble financing their operations as investors panic about the home loan market, where home prices are declining and defaults are rising. (Reporting by Paritosh Bansal) © Reuters 2007. All Rights ...
2007-08-24 05:55:00 -
HSBC begins US mortgage cull
Daily Telegraph - Accredited is closing 60 retail branches and five support centres, as well as halting US wholesale mortgage applications from brokers. The job cuts will shrink its workforce to 1,000 from 2,600. Some 14 US mortgage lenders have sought bankruptcy ...
2007-08-23 12:53:00 -
Lenders Still on Unsettled Ground
Washington Post - Mortgage lenders, which rely heavily on money borrowed from the debt markets to issue loans, continued to unravel. Accredited Home Lenders of San Diego , once considered among the strongest independent mortgage lenders for its rigorous standards ...
2007-08-22 12:54:00 -
HIPs Facing Yet Another Hiccup
Ananova - There seems to be another glitch with the newly introduced Home Information Packs. Home buyers are being told to pay up twice after major mortgage lenders voiced concerns over the new Government-backed scheme. Major mortgage lenders, including HSBC ...
2007-08-26 01:54:00