Mortgage and Financial News From 2007-11-9 Page 9

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• Pa. Mortgage Firm Head to Plead Guilty (AP via Yahoo! Finance)

  The owner of a bankrupt Pennsylvania mortgage business has agreed to plead guilty to mail fraud in a case that has thrown hundreds of homeowners' finances into turmoil, federal prosecutors said Friday.
  2007-11-09 01:52:57

• Despite credit crunch, lenders persist (Miami Herald)

  ''Congratulations!'' Irvine, Calif., mortgage brokerage Sunwest Lending Group wrote in a recent mailing to a homeowner. ''You have been selected to substantially reduce your mortgage payment,'' the flier says, dangling a monthly payment of only $1,190 based on a 1 percent interest rate. Buried in the fine print is the disclosure that paying the temptingly low amount actually would increase the ...
  2007-11-09 08:51:12

• Millions braced for biggest leap in the fixed mortgage rate

  Daily Mail - More over-50s go it alone once children leave home Facing up to 40 years in jail, the fifth 21/7 bomber, who changed his ... And even if the Bank cuts official interest rates, it may take some time for mortgage rates to follow." Lending between banks ...
  2007-11-09 12:20:00

• UPDATE 3-Fannie Mae loss doubles, sees deeper housing slump

  Reuters - ... said on Friday its third-quarter net loss doubled from last year as slumping home prices and a credit squeeze drove down values of mortgage ... Fannie's quarterly income can swing widely as interest rates fluctuate and affect home buyers' tendencies to ...
  2007-11-09 02:43:00

• Detroit Casino Boasts Icy Bar, Puck's Room Service (Update1)

  Bloomberg - The casino expansions may be a safe bet even in a city that had in August a 15.1 percent unemployment rate and in June five of the U.S.'s 10 ZIP codes with the highest mortgage foreclosure rates. MGM Mirage's previous Detroit casino was its fifth ...
  2007-11-09 07:12:00

• My incomplete mortgage jigsaw

  Times Online - ... looks set to yield only £23,000, leaving Sarah with an outstanding balance on the interest-only part of her home ... A bird in the hand is worth two in the bush, so take your gains and further reduce the mortgage. “The rates from Tesco and Halifax ...
  2007-11-09 01:53:00

• Fannie Mae Third-Quarter Loss Widens on Housing Slump (Update4)

  Bloomberg - ... bonds, loans, currencies and commodities, or linked to specific events like changes in the weather or interest rates. Fannie Mae and other companies use derivatives to hedge against losses on assets and investments including home loans and mortgage ...
  2007-11-09 02:15:00

• EU Economy Cooling

  Forbes - Home Business Tech Markets Entrepreneurs Leadership Personal Finance ForbesLife Lists ... this month on the back of grim losses related to the unstable American mortgage ... For the moment they are holding rates in order to “wait and see,” but it may ...
  2007-11-09 09:28:00

• Bankruptcies rising, along with loonie

  Globe and Mail - Home   National British Columbia Prairies Ontario Quebec Atlantic Politics Education World ... Personal and business bankruptcy rates in Canada are rising, and will likely ... However, “So far, we have not seen any notable deterioration in the mortgage ...
  2007-11-09 10:47:00

• Barclays denies bad debt rumour

  BBC News - The credit crisis has been sparked by bad debt in the US household mortgage sector, specifically sub-prime home loans. As US mortgage rates have risen sharply over the past year, the sub-prime sector, which specialises in loans to people with poor ...
  2007-11-09 12:20:00

• House Passes Tax Rise on Hedge-Fund, Buyout Managers (Update2)

  Bloomberg - Rangel's bill would require carried interest to be taxed at rates as high as 37.9 percent instead of the current capital ... be playing politics with money American families are counting on to pay off credit card debt or get current on their mortgage ...
  2007-11-09 11:16:00

• MGIC, PMI Surge After Old Republic Becomes Top Holder (Update3)

  Bloomberg - Nov. 9 (Bloomberg) -- MGIC Investment Corp. and PMI Group Inc., the two largest U.S. mortgage insurers, rose in New York ... Gwynn rates Old Republic stock ``market perform.'' Old Republic rose the most in five years, gaining 90 cents ...
  2007-11-09 01:32:00

• Non-bank lenders to hit harder on interest rates

  News.com.au - ... credit market jitters could leave borrowers paying more after the federal election even if the Reserve Bank of Australia does not raise interest rates again, says Aussie Home Loans founder John Symond. The head of one of the nation's largest mortgage ...
  2007-11-09 02:00:00

• Initial public offerings scheduled to debut next week

  CNBC - Invests in residential mortgage loans, residential mortgage-backed securities, real estate-related securities and various other asset classes. El Paso Pipeline Partners L.P.- Houston, 25 million units of limited partnership, priced $19 to $21, managed ...
  2007-11-09 11:59:00

• A seasoned pro scoops up mortgage stocks

  CNN Money - The core business of a mortgage insurer is to write policies that agree to make up a certain amount of losses for mortgage lenders if loans default. The rising amount of past-due mortgages will hurt the insurers' earnings, and some of them have also ...
  2007-11-09 01:46:00

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