Mortgage and Financial News From 2007-8-19 Page 27
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No big hit from interest rate rise (The Australian)
NOW that the dust has settled, let's think about what we can expect as a result of the latest interest rate increase.
2007-08-17 02:00:00 -
Fed cuts interest rate on bank loans (Long Beach Press-Telegram)
Half-point reduction aimed at settling markets. WASHINGTON - The Federal Reserve approved a half-percentage point cut in its discount rate on loans to banks Friday, a dramatic move designed to stabilize financial markets roiled by a widening credit crisis.
2007-08-18 06:20:12 -
Germany Moves to Calm Markets as Fed Cuts Key Interest Rate (Deutsche Welle)
As the US Federal Reserve soothed jittery global markets by lowering a key interest rate, German Finance Minister Steinbrück said on Friday his government was actively involved in attempts to calm the financial markets.
2007-08-17 05:00:44 -
EU markets welcome US Fed interest rate cut (Deutsche Welle)
New York's Wall Street and European stock markets have responded positively to an announcement by the US Federal Reserve Bank that it has cut its discount interest rate by half a percent.
2007-08-17 08:32:19 -
Waiting For 'Calamity' to Justify an Interest-Rate Cut: Has That Time Come? (Seeking Alpha via Yahoo! Finance)
Adrian Ash submits: Only a "calamity" would justify an interest-rate cut now, says St. Louis Federal Reserve chief William Poole. In which case, he either liquidated his personal stock investments before June...or the guy's got some real hide.
2007-08-17 08:40:48 -
Fed Cuts Key Interest Rate (NPR)
Capping a volatile week in the global markets, Asian markets fell dramatically and European markets have also headed south. The Federal Reserve cut a key interest rate on loans to banks, sparking a good reaction on Wall Street.
2007-08-17 07:01:18 -
Dow Jones rallies 233 after government cuts key interest rate (New York Daily News)
The stock market staged a big rally yesterday after the Federal Reserve surprised Wall Street by giving investors an interest rate cut they'd been clamoring for.
2007-08-18 08:32:56 -
HomeBanc Seeks Deal With Ga. Lawyers
Forbes - Nobody in Georgia is taking checks from mortgage companies these days, said Scott Logan of Atlanta's Fryer Law Firm, president of the Georgia closing attorneys group. Wire transfers, cashiers checks and even cash are the only acceptable currency when ...
2007-08-17 09:10:00 -
UPDATE 7-Countrywide taps $11.5 bln credit, shares fall 11 pct
Reuters - Countrywide said it has tightened its lending standards so most new home loans will qualify for purchase and guarantee by mortgage companies Fannie Mae (FNM.N: Quote , Profile , Research ) and Freddie Mac (FRE.N: Quote , Profile , Research ). Such loans ...
2007-08-16 08:57:00 -
But what about our housing bubble?
Guardian Unlimited - Pension funds or insurance companies can take a long-term view and sit it out. But some institutions holding this mortgage-backed paper need to fund themselves short term, sometimes even overnight, by borrowing in the inter-bank market. They have ...
2007-08-18 10:34:00 -
Edwards Says He Will Drop His Investments in Subprime Lenders
New York Times - DES MOINES, Aug. 17 — The John Edwards presidential campaign said on Friday that Mr. Edwards would divest his portfolio at a New York hedge fund of investments in subprime mortgage companies that have foreclosed on victims of Hurricane Katrina. But ...
2007-08-18 12:04:00 -
ANALYSIS-Big U.S. banks could benefit from Countrywide woes
Reuters - Companies likely to be shaken out are monoline mortgage companies that rely on capital markets for funding." Shares of the biggest banks all rose on Thursday, even as Countrywide shares tumbled. Continued... © Reuters 2007. All Rights Reserved
2007-08-16 08:06:00 -
Schumer Plans Bill on Fannie, Freddie
MSN MoneyCentral - Lockhart's agency, the Office of Federal Housing Enterprise Oversight, last year installed caps on the companies' mortgage investment holdings. Fannie's cap is set at $727 billion, Freddie's at $724 billion. Fannie Mae wanted to lift that cap by 10 ...
2007-08-16 09:18:00 -
Foreclosures put Edwards on defensive
Houston Chronicle - His Democratic presidential campaign spent Friday responding to a front-page Wall Street Journal report showing that a company that Edwards worked for and has invested $16 million in, Fortress Investment Group, owns mortgage companies that have ...
2007-08-18 05:31:00 -
First Magnus closes down lending operations
Houston Chronicle - First Magnus billed itself as one of the nation's largest privately held mortgage companies. With lending operations in 50 states, the company funded more than $30 billion in loans in 2006, according to a recent news release. A message on the company ...
2007-08-17 05:25:00