Mortgage and Financial News From 2007-8-19 Page 24
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New Credit Standards Squeeze Buyers (Washington Post)
The mortgage credit crunch is not only affecting interest rates that home buyers are quoted, but it is also triggering changes in less visible areas, such as minimum credit scores, location and type of properties, and even controls on who orders credit reports.
2007-08-17 09:20:08 -
The only way is down (Scotland on Sunday)
I BEGIN with two predictions unthinkable only two weeks ago. One is that the next move in UK interest rates will be down, not up as almost everyone believed at the start of the month. The other is that in America, the mighty US Federal Reserve will also be forced to lower interest rates.
2007-08-18 11:34:25 -
Mortgage woes raise credit rules (Greenwich Time)
The mortgage credit crunch not only is affecting interest rates that home buyers are quoted, but it also is triggering changes in less visible areas such as minimum credit scores, geographic location and type of properties, even controls on who orders credit reports.
2007-08-17 12:04:53 -
Poole Says Only `Calamity' Would Justify Interest-Rate Cut Now (Bloomberg.com)
Aug. 16 (Bloomberg) -- William Poole, president of the St. Louis Federal Reserve Bank, said the subprime mortgage rout doesn't threaten U.S. economic growth, and only a ``calamity'' would justify an interest-rate cut now.
2007-08-16 04:29:57 -
Get Low Payments with Interest Only and Adjustable Rate Mortgages (The Bradford Era)
(ARA) - There are so many types of mortgages programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option.
2007-08-18 01:02:21 -
UPDATE 2-E*Trade reveals credit quality of mortgage holdings
Reuters - FICO is a widely used credit score developed by Fair Isaac Corp. that mortgage lenders use to determine risk of default. The higher the score the lower the credit risk. E*Trade said $12.6 billion, or nearly all of its mortgage-backed securities ...
2007-08-16 10:58:00 -
Option One stops writing Fla. condo loans
Miami Herald - In a blow to an already weak housing market, Option One Mortgage will no longer provide mortgages to buy Florida condos, a decision industry watchers warn other lenders could copy. Option One's move comes as the once-hot market for condominiums in ...
2007-08-18 06:57:00 -
The market test
Times Online - Now we can expect a stream of mortgage lenders and investment banks on Capitol Hill, expressing penitence for their errors, before the inevitable clampdown. There is much to admire in vibrant American capitalism but the system is prone to locking the ...
2007-08-19 12:43:00 -
The sub-prime panic has spread far beyond Wall Street
Observer - Countrywide Financial, the US's biggest mortgage lender, is still boasting that it will approve four of every five borrowers who have what it calls a 'less than perfect' credit rating. Its own lenders may not be quite so accommodating: last week, it ...
2007-08-18 11:53:00 -
Two UK lenders raise rates on risky mortgages
Times Online - Two of Britain’s biggest sub-prime mortgage lenders have been forced to raise interest rates as banks shied away from investing in risky mortgages. Mortgages plc, a subsidiary of Merrill Lynch, the investment bank, said that it would raise interest ...
2007-08-15 12:55:00 -
Costello warns states on low-doc loans
News.com.au - FEDERAL Treasurer Peter Costello has called for the states to crack down on mortgage providers who issue "low-documentation" home loans to people who cannot afford them. "I am very concerned that some of these low-doc lenders may be pushing money ...
2007-08-19 01:55:00 -
Downsizing to pay the mortgage
Worldnews.com - Home repossessions soar 30 per cent in a year The Daily Mail Most popular stories Email newsletter The number of people having their homes repossessed has rocketed in the past six months, according to figures out today . The Council for Mortgage Lenders ...
2007-08-18 09:23:00 -
Lenders warn that higher costs will be passed on
Financial Times - Subprime mortgage rates are being priced upwards and lenders are warning that mainstream rates could follow as the credit crunch gathers pace in the global debt markets. Northern Rock, which is heavily reliant on the wholesale markets to raise funds ...
2007-08-17 05:56:00 -
Being Right Is Bittersweet for a Critic of Lenders
New York Times - As chairman of the Neighborhood Reinvestment Corporation, he urged legislators to better protect consumers against predatory lenders, and toughen regulation of mortgage lenders and banks. Nonetheless, his efforts met resistance within the Fed and on ...
2007-08-18 07:57:00 -
N.C. Gets New Mortgage Protection Laws
Forbes - Three new state laws will prevent lenders from taking advantage of people who can't afford mortgages, especially down the road when the deal may allow rates to increase. The laws signed Thursday increase the power of a 1999 predatory lending law ...
2007-08-16 09:54:00