Mortgage and Financial News From 2007-10-26 Page 15

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• Elephant Loans plunges on profit warning

  Daily Telegraph - ... Loans has seen its shares plummet almost 15pc today, after the sub-prime mortgage ... lowering maximum loan-to-value lending levels and raising interest rates." ... prudent to anticipate that profits for the full year are likely to be below current ...
  2007-10-26 08:22:00

• PM picks jobs as rate hike inevitable

  The Australian - ... full employment higher than any other economic measure as the Coalition braces itself for a rise in official interest rates ... Mr Howard said there was scope to cut unemployment from the current 4.2per cent to a figure "with a three in front of it". ...
  2007-10-26 08:15:00

• Not As Bad As Expected For Countrywide

  Forbes - Countrywide has responded decisively and taken the steps we believe are necessary to address the current challenging market ... Countrywide and other lenders are reeling as borrowers default on their loans at higher rates. The spiking defaults have ...
  2007-10-26 10:38:00

• Countrywide Financial reports 3Q loss of $1.2B on mortgage woes (The San Francisco Examiner)

  LOS ANGELES ( Map , News ) - Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation's largest mortgage lender said it expects to be profitable this quarter and next year.
  2007-10-26 10:44:11

• Countrywide Shares Soar; CEO Confirms SEC Probe

  CNBC - ... up 2,359 percent from a year earlier, as more borrowers fell behind on payments, particularly on adjustable-rate and home ... Countrywide, for its part, this week offered to refinance or modify $16 billion of adjustable-rate mortgages to help borrowers ...
  2007-10-26 09:41:00

• For sale: 2 million empty homes

  CNN Money - Now picture virtually every house or condo empty, with a for sale sign in the front yard of every home, from inner-city ... If they can't afford the new payments or be able to refinance due to the significantly tighter mortgage market, that could ...
  2007-10-26 09:55:00

• Largest US mortgage lender loses 1.2 billion dollars in quarter

  Earthtimes - Countrywide said Tuesday it will offer 82,000 borrowers with adjustable loans that put them at risk of losing their home new financing options. It will refinance or change terms on 16 billion dollars of loans that are set to readjust to higher ...
  2007-10-26 08:50:00

• Restraint needed in housing crisis bailouts Common-sense measures will ...

  MLive.com - Under the blueprint, MSHDA would refinance loans for families earning up to $72,250 if their home is worth less than $216,750. Folks at the higher end of that scale hardly need government protection. True, refinancings would be backed by bonds and ...
  2007-10-26 08:00:00

• Lawmakers Limited in Mortgage Mess Fixes

  CNBC - The apparent discomfort contrasts with reality: most risky home loans made near the end of the housing boom can't be ... push us into a housing recession" because lenders would face new restrictions on their ability to help borrowers refinance. ...
  2007-10-26 10:38:00

• U.S. Home Vacancies Rise to Record as Loan Foreclosures Surge

  Bloomberg - Home- price declines and tougher lending standards are making it difficult for owners who fall behind in mortgage payments to sell or refinance into better loans. U.S. home prices probably will fall 2 percent this year, Thomas Lund, an ...
  2007-10-26 07:46:00

• Coin Collectors’ Dream Found In Windber Home (WJAC 6 Johnstown)

  A Windber family finds rare coins estimated to be worth at least $100,000 hidden in a wall in their home.
  2007-10-26 10:29:08

• Decomposing Body Found In Home (KPRC Local 2 Houston)

  HOUSTON -- A decomposing body was found in a northeast Houston home on Thursday, KPRC Local 2 reported. A Harris County Precinct 3 deputy constable went to the home on Valley Wind Drive near Valley Meadow Drive to serve an eviction notice.
  2007-10-26 07:03:36

• Burglars Target Home In Hate Crime (CBS 5 Phoenix)

  A 25-year-old mother returns to find her home burglarized and racial slurs scrawled on the bedroom walls of her children, deputies say. 8:50 a.m.
  2007-10-26 08:56:03

• Schumer warns of 15,000 home foreclosures in city (New York Daily News)

  The subprime mortgage crisis will cost New York State $9.4 billion in lost property values and lead to nearly 15,000 home foreclosures in the five boroughs, a Senate report said Thursday.
  2007-10-26 01:57:29

• Rising Fears of Corporate Defaults

  BusinessWeek - ... such companies as General Electric ( GE ), builder Toll Brothers ( TOL ), and Radian Group ( RDN ), which provides credit protection to mortgage ... The systemic risk is that investors will be forced to sell off higher-rated assets to cover bad bets on assets ...
  2007-10-26 07:17:00

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