Mortgage and Financial News From 2008-5-5 Page 7
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Home prices continue upward trend (Seattle Times)
April is the third consecutive month in which King County home prices have climbed, but they are still lower than a year ago.
2008-05-05 01:03:18 -
A Quarter of Adults Dip Into Retirement Funds (US News & World Report)
Top reason for those under 35: home down payment.
2008-05-05 01:06:33 -
Federal Reserve reports tighter bank lending standards (Pittsburgh Post-Gazette)
WASHINGTON -- The Federal Reserve reports that more banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to a spreading credit ...
2008-05-05 01:19:43 -
Congress makes college less affordable - Detroit News
Michigan's announcement to pull out of the federal student loan program last week is a painful, but recurring lesson in the law of unintended consequences -- a lesson Congress might soon be extending to mortgages. The law of unintended consequences ...
2008-05-05 08:02:00 -
Frank warns mortgage lenders of drastic rules - Boston Globe
A bill that would expand refinancings of risky mortgages by requiring voluntary lender write-downs is the industry's last chance to improve their market without more drastic regulation, US House Financial Committee Chairman Barney Frank said today ...
2008-05-05 10:11:00 -
Subprime Mortgage Collapse Under Federal Probe - CNBC
Federal prosecutors in New York have formed a task force together with other government agencies to examine the collapse of the market for risky home loans, a spokesman for the U.S. Attorney's Office in Brooklyn said Monday. CNBC.com The group is ...
2008-05-05 11:08:00 -
Gurus Dump Payday Lender, Budget Flyer - Forbes
Bulls dug in their heels last week, throwing off the persistent worries of a prolonged, serious economic downturn. Stock-market investors seemed convinced that this tough patch will be mild and short-lived, as risk appetite is returning and fear is ...
2008-05-05 11:22:00 -
Finally Protection for Consumers from Mortgage Companies with MCA - Forbes
At last an independent organization is here to help consumers stand up to the, far too often, unfair advantage of mortgage lenders. Mortgage Consumer Advocates, Inc. (MCA), a Texas Non-Profit Corporation, is helping to level the playing field by ...
2008-05-05 08:38:00 -
ResCap May Not Be Able to Meet June Debt Obligations (Update1) (Bloomberg.com)
May 5 (Bloomberg) -- Residential Capital LLC, the mortgage- finance company owned by GMAC LLC, said it may not be able to meet debt obligations unless it comes up with an additional $600 million by the end of June.
2008-05-05 10:33:39 -
Mortgages rising at Korean banks (JoongAng Daily)
Led by recent gains in home prices in northern Seoul, housing mortgage loans have been increasing since last June.
2008-05-05 10:44:19 -
A Rash Of Repos (Southwest Times Record)
Jay Smith’s 2006 Ford Focus was repossessed in December when he could no longer make the payments. Smith (not his last name) was between jobs and hated to let the car go but really had no option. He had fallen 90 days behind on the payments, and the car’s market value was less than his loan balance.
2008-05-05 10:47:10 -
Countrywide Falls as Analyst Says Bank of America Should Walk (Bloomberg.com)
May 5 (Bloomberg) -- Countrywide Financial Corp. , the largest U.S. mortgage lender, declined the most in four months after Friedman, Billings, Ramsey & Co. said Bank of America Corp.
2008-05-05 10:48:32 -
Countrywide hit by analyst’s note on BofA (Financial Times)
Shares in Countrywide Financial plunged more than 13 per cent after an analyst said Bank of America should walk away from its agreed $4bn deal to acquire the troubled home mortgage lender.
2008-05-05 11:00:35 -
From 35th Street to Wall Street: Anatomy of a foreclosure (Minnesota Public Radio)
Tomorrow, Faith Burns of Minneapolis is scheduled to lose her home. The bank says she's fallen behind on her monthly mortgage payments and is foreclosing on her. We traced the path of Faith Burns' mortgage to Wall Street.
2008-05-05 11:14:45 -
Reuters Business Summary (Reuters via Yahoo! Philippines News)
Yahoo shares plunge after Microsoft's exit
2008-05-05 11:40:15