Mortgage and Financial News From 2007-10-26
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U.S. 10-Year Note Heads for Weekly Gain on Rate View, Earnings
Bloomberg - Two-year yields held near the lowest since 2005 as investors bet the Federal Reserve will cut interest rates on Oct. 31. The worst housing slump in 16 years has ... biggest insurer, may also write down $9.8 billion before taxes in subprime- mortgage ...
2007-10-26 04:33:00 -
Colombia Bank May Hold Rates on Slowing Prices, Credit Turmoil
Bloomberg - Colombia Bank May Hold Rates on Slowing Prices, Credit Turmoil By Helen Murphy Oct ... Industrial production for August rose 7.7 percent, the lowest since April 2006 ... to leave its benchmark rate unchanged on concern that the U.S. subprime mortgage ...
2007-10-25 09:30:00 -
Consumer Sentiment Index in U.S. Probably Fell to One-Year Low
Bloomberg - ... 26 (Bloomberg) -- Confidence among U.S. consumers fell in October to the lowest ... Mortgage Meltdown Defaults by subprime mortgage borrowers, rising ... is consumer confidence,'' Ziemer said. ``The housing situation, interest rates ...
2007-10-26 04:26:00 -
U.S. Michigan Consumer Sentiment Index Fell to 80.9 (Update3)
Bloomberg - ... Reuters/University of Michigan final sentiment index dropped to 80.9, the lowest ... Defaults by subprime mortgage borrowers, rising foreclosures and stricter lending ... is consumer confidence,'' Ziemer said. ``The housing situation, interest rates ...
2007-10-26 07:53:00 -
Mortgage rates decline to six-week low
San Diego Union-Tribune - Thirty-year, fixed-rate mortgages fell to 6.33 percent this week, down from 6.4 percent last week, Freddie Mac reported. It was the lowest level since 30-year mortgages dipped to 6.31 percent Sept. 13, which had been the lowest point since May. Rates ...
2007-10-26 03:28:00 -
Mortgage rates fall to lowest level in six weeks
USA Today - WASHINGTON (AP) — Rates on 30-year mortgages fell to the lowest level in six weeks as financial markets grew more hopeful that the Federal Reserve will boost the sluggish economy by cutting interest rates further. Freddie Mac, the mortgage company ...
2007-10-25 02:42:00 -
U.K. mortgage approvals fall in September, says BBA (EARTHtimes.org)
Mortgage approvals in Britain fell in September to a seven-year low, giving fresh evidence that the housing market is on a downturn, impacted as it is by the high interest rates and the crisis in the financial markets.
2007-10-26 03:07:55 -
More housing gloom as mortgage lending hits lowest level for seven years (Daily Mail)
Mortgage lending slumped to its lowest level in seven years last month, renewing fears that the property boom is ending. The number of mortgage approvals for house purchases fell by 27 per cent in September. Last September 72,155 mortgages were approved. This year that dropped to 52,685, the British Bankers' Association said
2007-10-25 05:09:23 -
Despite rate plunge, mortgage applications little changed (USA Today)
Mortgage applications barely advanced last week even as interest rates sank to their lowest levels since May, an industry group said Wednesday, largely reflecting the increasing difficulty borrowers face to obtain a loan as banks tighten lending standards.
2007-10-26 07:34:45 -
Market Report -- Story Stocks (CFC)
MSN MoneyCentral - The lender said that disruptions in the capital markets resulted in losses on the sale or write-downs for non-agency loans and mortgage-backed securities that aggregated to approximately $1.0 billion. On a consolidated basis, its provision for ...
2007-10-26 06:27:00 -
Countrywide Rises Despite Loss
Forbes - Countrywide and other lenders are reeling as borrowers default on their loans at higher rates. The spiking defaults have forced Countrywide to lay off thousands of employees and line up billions of dollars in financing to stay afloat. During the third ...
2007-10-26 07:25:00 -
UK Small caps open firmer; gold find lifts Goldplat, Elephant Loans ...
Forbes - Turning to the downside, sub-prime mortgage lender Elephant Loans & Mortgages fell sharply in early deals after the company issued a profit warning this morning, following a challenging first half of the year. The shares were down over 42 pct or 0 ...
2007-10-26 02:31:00 -
A Catastrophe Foretold
New York Times - Over half the mortgage loans were made by independent lenders without any federal supervision.” What he didn’t mention was that this was the way the laissez-faire ideologues ruling Washington — a group that very much included Mr. Greenspan ...
2007-10-26 02:45:00 -
BofA cuts out wholesale mortgage loans
Daily Breeze - CHARLOTTE, N.C. - In addition to scaling back its investment banking operations, Bank of America Corp. is exiting the wholesale mortgage business and eliminating about 700 jobs, bank officials said Thursday. consumer lending through its banking ...
2007-10-26 02:17:00 -
Encore Bancshares Reports Third Quarter 2007 Net Earnings of $2.2 ...
MSN MoneyCentral - This reduction occurred due to the combined effects of a lower dollar volume of mortgage loans sold and lower pricing, which resulted from a slowdown in the housing market and changes in the market for mortgage loans. As a result of the unfavorable ...
2007-10-26 03:57:00