Mortgage and Financial News From 2007-10-26 Page 5

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• U.S. lawmaker wants study on GSE debt growth

  Boston Globe - WASHINGTON (Reuters) - A Democratic lawmaker this week asked the regulator for Fannie Mae and Freddie Mac to determine what risks there might be to letting the mortgage finance companies grow their investment holdings. Rep. Paul Kanjorski, the ...
  2007-10-26 01:08:00

• Fitch Affirms 8 & Downgrades 3 Classes from 2 EMC Mortgage Loan Trusts

  Forbes - The master servicer for this transaction, EMC Mortgage Corp., is a wholly owned subsidiary of The Bear Stearns Companies Inc. and is rated 'RPS1' for prime, Alt-A, and subprime products, rated 'RSS1' as a special servicer by Fitch, and rated 'RMS3 ...
  2007-10-26 11:14:00

• Countrywide loses $1.2B, says it will be in the black in '08

  USA Today - Calendar: What companies are reporting today? Can't find your company?: Put the name or ticker symbol of any company in any ... CALABASAS, Calif. (AP) — Countrywide Financial (CFC) , the nation's largest mortgage lender, said Friday it swung to a ...
  2007-10-26 03:10:00

• Merrill stock up on CEO, takeover talk

  CNN Money - Latest Rates Active Companies Stock Price Increases Stock Price Decreases Earnings: Reports & Estimates Hot Stocks Stock Spotlight ... approached Wachovia about a merger without consulting Merrill's board, as the company faced billions of dollars in mortgage ...
  2007-10-26 04:43:00

• Bank director takes leave to concentrate on takeover of Northern Rock

  Times Online - Other advisers are Peter Birch, who ran Abbey National and has chaired Kensington and Trigold, the mortgage companies, and Sir Martin Jacomb, who chaired Prudential and BZW, and was deputy chairman of Barclays. David Buik, of Cantor Index, the spread ...
  2007-10-26 02:34:00

• Merrill Shares Rise Amid Speculation O'Neal Will Go (Update5)

  Bloomberg - A surge in defaults of poor-quality home loans has prompted more than 110 mortgage companies to close, file for bankruptcy or put themselves up for sale since the start of 2006. Executive Casualties Merrill bought First ...
  2007-10-26 05:19:00

• AG shuts down mortgage rescue company

  Paris News - The promotional materials boasted established relationships with mortgage companies and banks nationwide. These purported relationships, Foreclosure Assistance Solutions claimed, would enable it to persuade leaders to refrain from foreclosing on its ...
  2007-10-26 01:30:00

• American River Bank expands mortgage team with new hires

  Stockhouse Canada - As mortgage companies shrink, close and disappear all over the area, American River Bank just beefed up its operation. The Sacramento-based bank hired five people who had been part of Umpqua Bank's local mortgage team. American River had just a ...
  2007-10-26 03:53:00

• Sumitomo Mitsui Cuts 1st-Half Outlook (AP via Yahoo! Finance)

  Sumitomo Mitsui Financial Group Inc., one of Japan's biggest financial companies, cut its first-half profit outlook by 23 percent due to a write-down resulting from losses in subprime mortgage-backed securities.
  2007-10-26 08:52:58

• Mortgage lender Countrywide Financial losses top $1B US in Q3 (CBC)

  Countrywide Financial Corp., the largest U.S. mortgage lender, said Friday it swung to a loss of more than $1 billion US in the third quarter on to rising loan-loss provisions, writedowns and dwindling origination volume.
  2007-10-26 09:06:05

• Mortgage woes propel Calif. foreclosures to record (EARTHtimes.org)

  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 report released on Friday.
  2007-10-26 12:07:15

• Countrywide Financial reports Q3 loss of $1.2B on mortgage woes (The Canadian Press via Yahoo! Canada News)

  LOS ANGELES - Countrywide Financial Corp. lost US$1.2 billion in the third quarter, but its shares soared Friday after the largest U.S. mortgage lender said it expects to be profitable this quarter and next year.
  2007-10-26 04:29:00

• U.S. lawmaker wants study on GSE debt growth (Reuters via Yahoo! News)

  A Democratic lawmaker this week asked the regulator for Fannie Mae and Freddie Mac to determine what risks there might be to letting the mortgage finance companies grow their investment holdings.
  2007-10-26 12:06:53

• Treasuries Rise on Speculation Mortgage Losses to Slow Economy

  Bloomberg - The yield on the two-year note fell 5 basis points, or 0.05 percentage point, to 3.72 percent at 12:01 p.m. in New York, according to bond broker Cantor Fitzgerald LP. The price of the 3 5/8 percent security due in October 2009 rose 3/32, or 94 cents ...
  2007-10-26 09:12:00

• Don't Cut Off ARMs to Spite Your Face

  Motley Fool - So if a mortgage broker gives them a choice between two mortgages, they'll take the one with the lower monthly payment -- no matter what its terms are. Whose fault is that? Consumer activists are more than happy to blame lenders for pushing risky ...
  2007-10-26 09:26:00

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