Mortgage and Financial News From 2007-10-26 Page 11

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• Housing Slump Likely to Worsen (Washington Post)

  WASHINGTON -- The current housing slump, which began in late 2005, probably has another year to go before things turn around. Before it is over, home prices _ which had soared during the boom years _ will probably have fallen by the largest amount of any downturn in the post World War II period.
  2007-10-26 01:56:00

• U.S. Homeownership Falls in Longest Slide Since 1981 (Update3)

  Bloomberg - Second mortgages, along with interest-only, payment-option and other unconventional mortgage products, have largely dried up this year as subprime defaults mounted and lenders such as American Home Mortgage Investment Corp. closed their doors. That ...
  2007-10-26 12:11:00

• PRESS DIGEST - New York Times business - Oct 26

  Reuters - ... economies and warnings of further market upheaval, with a reduced growth forecast in Germany and a Bank of England report that said financial markets were still vulnerable to shocks from the crisis that originated in the American home mortgage ...
  2007-10-26 09:05:00

• UPDATE 2-Mortgage woes propel Calif. foreclosures to record

  Reuters - California's third-quarter default level topped the state's previous peak of 61,541 in the first quarter of 1996, reflecting a surge in mortgage borrowers failing to keep up with loan payments. The most populous U.S. state's high home prices ...
  2007-10-26 11:57:00

• American Home Mortgage sues Lehman Bros. over $84 million note ...

  CNBC - PHILADELPHIA - Bankrupt lender American Home Mortgage Investment Corp. has sued Lehman Bros., accusing the investment bank of essentially stealing from the company as it struggled to stay on its feet. The lawsuit, filed Wednesday in the U.S ...
  2007-10-25 09:13:00

• Sept. 9: Mortgage fraud infiltrates suburbs

  Minneapolis Star Tribune - Home | | Business Sept. 9: Mortgage fraud infiltrates suburbs Hundreds of fraudulent transactions -- and shattered lives -- have been exposed. By Chris Serres , Star Tribune Last update: October 26, 2007 – 3:13 PM
  2007-10-26 01:08:00

• Fitch Takes Various Actions on 2 Harborview Mortgage Loan Trust ...

  Forbes - The mortgage loans were originated by Countrywide Home Loans, Inc., Indymac Bank F.S.B., Downey Savings and Loan, HSBC Mortgage Corp., and Mellon Trust of New England. The loans are serviced by Countrywide Home Loans Servicing LP, rated 'RPS1' by ...
  2007-10-26 11:14:00

• California home-loan default numbers set record

  Silicon Valley - A record number of California homeowners entered the foreclosure process in the third quarter, a real estate information service reported today, showing the effects of loose mortgage lending standards, falling home values and slumping sales ...
  2007-10-26 09:55:00

• Moody's will complete report on mortgage downgrades and CDOs near end ...

  CNBC - The investment banks that sell these mortgage-backed securities pool home loans into tranches and sell them as bonds. Moody's said the struggling housing market is discouraging people from paying their mortgages, which means people who bought these ...
  2007-10-26 12:54:00

• California's Home-Loan Defaults Rise to Decade High (Update2)

  Bloomberg - Oct. 26 (Bloomberg) -- California mortgage defaults more than doubled in the third quarter to the highest level in more than a decade as the housing slump battered homeowners. Homeowners received 72,571 default notices, more than double the 27,218 ...
  2007-10-26 12:40:00

• California home foreclosures soar to record level

  MSN MoneyCentral - SAN FRANCISCO (Reuters) - Mortgage lenders launched more than 70,000 foreclosure proceedings in California in the third quarter, marking a record for the state, where many housing markets are slumping amid mortgage market turmoil, according to a ...
  2007-10-26 12:18:00

• Oct. 18: ResCap to cut 460 jobs in Twin Cities

  Minneapolis Star Tribune - Wells Fargo's home mortgage unit over the summer closed its subprime wholesale lending unit. As losses from subprime mortgages mount, lenders are curtailing marketing, merging, making layoffs or filing for bankruptcy protection. "This is widespread and ...
  2007-10-26 01:01:00

• Oct. 17: Housing hits Wells Fargo

  Minneapolis Star Tribune - The south Minneapolis building housing employees of Wells Fargo Home Mortgage. Wells Fargo reported the slowest profit growth in more than six years at a time of sinking home prices and rising strains on mortgage holders. Wells Fargo & Co. and U.S ...
  2007-10-26 01:01:00

• Tubbs Jones Applauds Introduction of Comprehensive Mortgage Loan, Anti ...

  Forbes - Third, the legislation attaches limited liability to secondary market securitizers who package and sell interest in home mortgage loans outside of these standards. Additionally, the bill expands and enhances consumer protections for "high-cost loans ...
  2007-10-26 10:09:00

• IRVING HOME SALES (Dallas Morning News)

  This list of selected home sales in Irving and Coppell was compiled by MasterFiles Inc. from county deed records. The amount listed is the mortgage, not the total price. In each ZIP code, sales are organized alphabetically by street and include the date recorded.
  2007-10-26 01:13:57

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