Mortgage and Financial News From 2007-8-25 Page 8
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No credit crunch in mortgage ads (Bradenton Herald)
On aol.com this week, the Internet-based loan company Lending Tree offered "bad credit options" and a $425,000 loan for only $1,376 a month. And Countrywide Financial Corp., the nation's largest lender, declared "Bad Credit? Call Today. Refinance or Tap into Your Home's Equity" in an online ad from its Full Spectrum Lending Division.
2007-08-25 07:14:04 -
NVR Credit Deal Restricts Lending
Washington Post - The mortgage unit of NVR, the Washington region's largest home builder, said yesterday that a borrowing agreement it struck with a consortium of banks bars it from using a line of credit to make riskier home loans. The restrictions could shrink the ...
2007-08-25 04:04:00 -
Paramus S&L gaining business amid strife
Philadelphia Inquirer - Big mortgage lender IndyMac Bancorp Inc. had stopped issuing jumbo loans altogether, but said Wednesday that it would resume, deciding to hold the loans in its investment portfolio until the market for those securities picks up. Most lenders making ...
2007-08-25 06:56:00 -
American Home, Morgan Stanley make deal
BusinessWeek - The financiers invoked new bankruptcy laws and new deal forms that allow them to reclaim mortgage loans funded with their money without waiting for the end of a Chapter 11 proceeding. In arguing for rights to its loans, Morgan Stanley said it was ...
2007-08-25 12:22:00 -
Housing bust recalls S&L collapse
AZCentral.com - Another ingredient in the recipe for disaster was the Garn-St Germain Banking Act of 1982, which allowed savings and loans, once restricted to making residential-mortgage loans, to invest in commercial real estate, junk bonds and other risky assets. ...
2007-08-25 07:53:00 -
Subprime loan crisis threatens to broaden
Indianapolis Star - The downturn of the subprime mortgage loan market has had a major impact on Wall Street, and it could affect you. Stunned by the level of defaults in risky subprime loans, investors stopped pouring cash into the U.S. mortgage market. That roiled Wall ...
2007-08-25 07:31:00 -
Two plead guilty to mortgage scheme
Baltimore Sun - A Baltimore attorney and a mortgage broker have pleaded guilty to charges related to a mortgage scheme in which they helped secure loans for two suspected drug dealers, federal prosecutors said yesterday. Attorney Rachel Donegan admitted yesterday in ...
2007-08-25 07:17:00 -
Too much risk, lack of oversight hurt borrowers
Chicago Sun-Times - If mortgage brokers and bankers hadn't passed out mortgage loans to people they knew or at least suspected wouldn't be able to meet their payments, the subprime loan meltdown now giving America such a huge headache would never have happened. That's ...
2007-08-25 09:54:00 -
Congressman Frank, in Tucson, promises more mortgage industry regulation (Tucson Citizen)
U.S. Rep. Barney Frank, D-Mass., said in Tucson Friday that Congress will adopt new regulations for the mortgage industry to assure lenders and investors that loans granted will be repaid.
2007-08-24 08:35:43 -
Two plead guilty to mortgage scheme (Baltimore Sun)
A Baltimore attorney and a mortgage broker have pleaded guilty to charges related to a mortgage scheme in which they helped secure loans for two suspected drug dealers, federal prosecutors said yesterday.
2007-08-25 07:37:49 -
Mortgage lending turmoil reaches China (The Salt Lake Tribune)
BEIJING - After appearing immune to the turmoil engulfing the mortgage market in the United States, China suffered its first serious setback on Friday from exposure to subprime loans.
2007-08-25 06:22:20 -
Bernanke was wrong: subprime contagion is spreading
Stockhouse Canada - The European Central Bank today made a second loan to banks to alleviate a money shortage sparked by concerns over investments in U.S. mortgages. Today's loan of 61.05 billion euros ($83.4 billion) brings the two-day total of money lent to 155.85 ...
2007-08-25 04:25:00 -
Bank of China in subprime provision
Financial Times - Bank of China , the country’s second biggest lender, told investors on Thursday that it held nearly $10bn of securities backed by US subprime mortgages, the most of any bank in Asia. The amount is higher than many analysts were expecting but the ...
2007-08-23 11:59:00 -
UPDATE 2-Stricken German bank set for fast sale -sources
Reuters - ... aim to sell the German bank quickly after its near collapse under heavy losses from U.S. subprime mortgages and other risky debt, sources familiar with the matter said. Last week a group of state banks said they would rescue SachsenLB, the second ...
2007-08-24 03:18:00 -
Stricken German Bank Set for Fast Sale: Sources
CNBC - ... aim to sell the German bank quickly after its near collapse under heavy losses from U.S. subprime mortgages and other risky debt, sources familiar with the matter said. Last week a group of state banks said they would rescue SachsenLB, the second ...
2007-08-24 03:32:00