Mortgage and Financial News From 2007-8-26 Page 7
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New subprime victims
Chicago Sun-Times - Others, including HomeBanc and American Home Mortgage Investment Corp. of Melville, N.Y., have filed for bankruptcy protection. It's far from over, according to Bart Narter, a senior analyst with research and consulting firm Celent. ''The ...
2007-08-26 08:56:00 -
Mortgage meltdown (The Post and Courier)
The mortgage crisis has claimed some of the industry's biggest names and left others teetering on the edge. An estimated 23,000 workers in the financial services industry nationwide have lost their jobs since the beginning of the month. American Home Mortgage: The country's No. 10 mortgage...
2007-08-26 04:41:41 -
KENNETH HARNEY: Dingell's proposal to limit mortgage tax break has critics (Detroit Free Press)
To add to the mortgage meltdown miseries, the credit panic, plunging home sales and rising foreclosures, here's a new worry: a proposed cutoff of mortgage interest tax deductions for all houses with more than 3,000 square feet.
2007-08-26 07:13:33 -
Impact of mortgage crunch spreads (USA Today)
An increasing number of homeowners and prospective homeowners are getting caught up in the fast-spreading mortgage crisis.
2007-08-26 01:08:49 -
Mortgage `tap' has been shut off (The Charlotte Observer)
The rules of getting a mortgage have changed -- while you were on vacation. At the beginning of summer, you could have a marginal credit score, no proof of income and no down payment, and still get financing for a home. But that was then. Now the kids are heading back to school and lenders are running scared, worried about all the easy credit they granted over the past few years. With many ...
2007-08-26 07:07:01 -
No U.S. region immune to mortgage-loan havoc (Rochester Democrat and Chronicle)
Cutbacks in the mortgage industry hit close to home.
2007-08-26 11:22:01 -
When mortgage cash dries up (The Record)
Lisa Meserole was two weeks away from closing on her new Hackensack condo when she got a shock: Her lender, American Home Mortgage, was not going to fund her loan -- or for that matter, any loans -- because the company was filing for bankruptcy.
2007-08-26 11:13:26 -
Mortgage mess hits home (The Plain Dealer)
Imagine having a house payment that’s skyrocketing by $400 a month, $800 a month. Or imagine you’re buying your first home and, at the last minute, your lender goes out of business. Or you could be hoping to sell your home, but you suddenly find out it’s worth a lot less than it used to be.
2007-08-26 11:53:10 -
Warning over 102 pc loan for key workers
Observer - This will be better than buying your furniture using store credit, which will have higher interest rates than your mortgage.' David Hollingworth of mortgage brokers London & Country thinks the key worker mortgage is a good idea: 'It will perhaps prove ...
2007-08-26 05:28:00 -
Mortgage rates 'driving up rents'
Stuff - House and flat rents have jumped because property-owners are trying to cover the cost of higher interest rates, says Nelson Property Investors Association secretary Glenn Morris. He was speaking at a Nelson Tasman Housing Forum meeting on Monday ...
2007-08-24 12:59:00 -
Mortgage meltdown Subprime crisis fallout hitting wallets near, far By ...
FortWayne.com - If your monthly mortgage rate suddenly goes through the roof or you can’t qualify for a car loan or your credit cards’ interest rates skyrocket, the subprime mortgage meltdown might just turn out to be the Grinch who stole your kids’ Christmas. ...
2007-08-26 09:53:00 -
'Release cash in your home while you've still got time'
Observer - Two-year swap rates are still falling, so I think the equivalent fixed mortgage rates have further to fall. Lenders are offering loss-leaders as a way to boost market share, which is good news for consumers who should move quickly to snap up such ...
2007-08-26 05:28:00 -
Mortgage `tap' has been shut off
Charlotte.com - Mortgage rates even dipped a bit last week, to an average of 6.52 percent, according to the mortgage company Freddie Mac. McBride said this shift in the mortgage business is just a return to normal. "Credit was cheap and easy for the last few years ...
2007-08-26 06:47:00 -
New landscape for home buyers
Fosters Daily Democrat - Morin noted that mortgage rates, despite the housing slowdown, still are relatively low. The average rate for a conventional 30-year fixed-rate mortgage was 6.62 percent as of Thursday, according to Freddie Mac. The rate at the same time last year ...
2007-08-26 12:16:00 -
Impact of mortgage crunch spreads
USA Today - ... adjustable-rate mortgages were originated in 2005 and 2006, while $779.13 billion of interest-only ARMs were issued in that period, according to a survey from the Mortgage Bankers Association. Many of these loans offered low "teaser" interest rates ...
2007-08-26 12:59:00