Mortgage and Financial News From 2007-10-13 Page 9
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Mortgage woes may linger
Buffalo News - The Fed cut the target for the nation's benchmark interest rate by half a percentage point in September. “In the coming months, we’ll see if lenders are passing on the rate cuts to mortgage holders when their rates reset,” McPherron says ...
2007-10-13 05:31:00 -
Summit finds financing for pending mortgages
Boston Globe - Investors that typically provided funds for mortgage companies such as Summit balked, leading to a shortage of capital that forced many lenders to cut back operations. Fedele said funds for low- or no-documentation loans in particular were hard to get ...
2007-10-13 02:18:00 -
The cost of a home more than mortgage
Chicago Tribune - ... buy homes with cash, and I'm not advocating everyone pay off the mortgage, but our approach underscores our resolve to stay away from unnecessarily large, cash-draining purchases. Today, we hear horror stories of home buyers who, egged on by lenders ...
2007-10-13 06:21:00 -
Mass auction reveals depth of foreclosure crisis
Boston Globe - The foreclosure crisis in Massachusetts will be on display next month when nearly 300 foreclosed homes will be auctioned in a two-day blitz in Boston. Major mortgage lenders and Wall Street investors that hold defaulted loans have hired Real Estate ...
2007-10-13 06:57:00 -
Lone Star completes acquisition of Accredited Home Lenders (New Ratings)
The investment group paid $11.75 per share, or about $296 million, for the mortgage company. Lone Star had agreed on June 4 to pay $15 per share for Accredited Home Lenders, and had later tried to get out of the deal when the sub-prime crisis hit the markets.
2007-10-12 12:51:36 -
Hedge Funds Enter Mortgage Arena (AP via Yahoo! Finance)
Hedge funds and private equity investors are gaining a foothold in the business of mortgage loan servicing as some of the country's biggest mortgage lenders crash into bankruptcy. Their arrival on the scene has alarmed consumers and investors alike.
2007-10-12 02:50:18 -
Italease clients seek cancellation of interest rate swaps - report
Forbes - MILAN (Thomson Financial) - Some of Banca Italease SpA's clients have started legal action against the bank to cancel interest rate swap contracts, while others are considering action, news agency Radiocor said, citing documents and sources close to ...
2007-10-11 05:05:00 -
Granholm offers life raft for homeowners
Detroit News - The creation of an "adjustable rate mortgage refinance program, which would assist homeowners saddled with that type of risky mortgage to obtain a lower-interest, fixed-rate mortgage. Mary Lou Keenon, a spokeswoman for the Michigan State Housing ...
2007-10-13 05:17:00 -
China Requires Banks to Set Aside Bigger Reserves (Update2)
Bloomberg - Seven increases in the reserve requirement and five interest-rate rises this year probably failed to stop the economy expanding faster than 11 percent for a third quarter, a government report may show next week. Surging exports have pumped money into ...
2007-10-13 02:18:00 -
Chile stocks rise after rate hold, peso slips
Reuters - SANTIAGO, Oct 12 (Reuters) - Chilean stocks rose on Friday, boosted by the central bank's decision to hold interest rates steady, while the peso slipped in quiet trade after seven consecutive sessions of gains. The all-market IGPA index , rose ...
2007-10-12 02:01:00 -
Chinese central bank raises reserve ratio again
USA Today - The order, which had been expected by industry analysts, comes on top of repeated interest rate hikes and investment curbs imposed on real estate, auto manufacturing and other industries in an effort to cool a boom that Chinese leaders worry could ...
2007-10-13 05:31:00 -
ICICI bank cuts interest rates on special deposit schemes
Stockhouse Canada - ) ICICI Bank has reduced interest rates on its special deposit schemes by 0.50%, reports Economic Times. The revised interest rate on the 390-day, 590-day and 890-day deposits will be 9%, as against 9.5% offered earlier with effect from Oct. 15, 2007 ...
2007-10-13 06:07:00 -
The safe retirement-savings withdrawal rate depends on what fees you ...
Boston Globe - Q. With I bonds offering such small returns, particularly the small guaranteed interest rate, are they still a good investment for, say, 25 percent of a retirement portfolio? M.C., by e-mail A. You may misunderstand the return on I Savings Bonds. The ...
2007-10-12 10:57:00 -
Pound Snaps Two-Week Rally Versus Euro on Interest-Rate Outlook
Bloomberg - Oct. 13 (Bloomberg) -- The pound snapped two weeks of gains against the euro on speculation the Bank of England will cut interest rates to support the economy during the global credit squeeze. The U.K. currency also fell versus the dollar this past ...
2007-10-13 02:46:00 -
Dollar Approaches Record Low Versus the Euro on Rate Outlook
Bloomberg - Oct. 13 (Bloomberg) -- The dollar approached an all-time low against the euro on speculation the interest-rate advantage that U.S. securities hold over Europe debt will narrow. The U.S. dollar fell against 13 of 16 most-actively traded currencies ...
2007-10-13 06:14:00