Mortgage and Financial News From 2008-2-22 Page 3

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  • KKR Affiliate Fuels Worries on Mortgages

    Wall Street Journal - But as the company winds down its exposure to the mortgage business, it still can't get a decent price for those loans. For the second time in four months, the company announced Tuesday that it negotiated another extension to further delay the ...
    2008-02-20 04:52:00

  • A&L to reel in mortgages after 30% drop in profits

    Guardian Unlimited - It has already axed its 125% loan-to-value mortgage and is now restricting any new loans to 90% of the value of the property. Rhodes said the bank has 450,000 mortgage customers and some 100,000 of these have two and three-year mortgage deals which ...
    2008-02-19 03:56:00

  • St.George Shares Fall on Loans to Centro, Allco, MFS (Update1)

    Bloomberg - Most of the loans are secured and are likely to be recovered, Sydney-based St.George said in a statement today. ... Commonwealth Bank of Australia, the nation's biggest mortgage lender, on Feb. 13 posted the slowest profit growth in more than ...
    2008-02-19 03:56:00

  • FBR Swings to Loss on Mortgage Losses

    CNN Money - FBR Posts $270.4 Million 4th-Qtr Loss on Goodwill Write-Down and Subprime Mortgage Losses ... Subprime mortgages are loans typically given to customers with poor credit history.
    2008-02-21 05:31:00

  • GMAC will slash 930 jobs

    Detroit News - GMAC made $1.5 billion on auto loans last year, but turmoil in the mortgage business more than wiped out those profits. The company's Residential Capital LLC mortgage unit lost $2.3 billion last year as legions of high-risk borrowers defaulted on ...
    2008-02-20 09:52:00

  • Large lenders start to exit 100 per cent mortgage market

    The Independent - ... to statistics from Moneyfacts.co.uk, the comparison site, around a third of lenders have stopped offering home loans of 100 per cent or more since November, while some have pulled back even further. "In November, 41 of the 123 prime mortgage lenders ...
    2008-02-20 04:23:00

  • Financial Market Problem Hits Home

    WCAX - It typically provides low-interest loans through an auction process. But thanks to jitters over the subprime mortgage mess the bonds aren't selling and that could drive up interest payments for institutions with debt.
    2008-02-22 03:31:00

  • Insurer Radian trying to keep borrowers in homes

    Philadelphia Inquirer - Radian had $1.3 billion set aside for mortgage losses and had insurance on 60,848 loans in default on Dec. 31. The company said last week that it expected to pay $200 million in claims in the first quarter of this year, up from $94 million in the ...
    2008-02-19 03:56:00

  • Northern Rock nationalisation in turmoil over offshore trust

    Guardian Unlimited - Granite accounts for almost half of Northern Rock's book of mortgage loans. It began reselling the lender's mortgage loans more than 10 years ago after the City relaxed rules on the way banks could raise capital.
    2008-02-20 03:47:00

  • FSA vows crackdown on mortgage fraud

    Financial Times - Mortgage fraudsters are facing a crackdown by the Financial Services Authority, whose head of financial crime warned yesterday ... between the sum taken out and the true price paid could either be withdrawn, or used to service existing home loans ...
    2008-02-22 06:08:00

  • KKR arm delays debt payment

    Forbes - It sold almost half of its mortgage loans in August as prices on bonds linked to home loans plunged, leaving it with about $5.3 billion in mortgages.
    2008-02-20 10:21:00

  • Mortgage crisis: Don't forgive debt, just postpone repayment

    CNN Money - The savings and loan industry, which held 31% of mortgage loans last year, saw record losses of $5.24 billion for the fourth quarter of 2007, according to the OTS.
    2008-02-19 03:56:00

  • 401(k) to the rescue (The Press-Enterprise)

    Trent Charlton knew the risks when he borrowed $10,000 from his 401(k) and cut his retirement savings in half.
    2008-02-22 08:07:24

  • A ‘Moral Hazard’ for a Housing Bailout: Sorting the Victims From Those Who Volunteered (NYTimes.com via Yahoo! Finance)

    Talk among banking executives for an epic government rescue plan is suddenly coming into fashion.
    2008-02-22 08:40:20

  • Stimulus Measure Promises Relief for Home Buyers (NYTimes.com via Yahoo! Finance)

    In the higher-priced regions of the country hit hardest by the flagging real estate market, the economic stimulus package President Bush signed into law last week could make a big difference.
    2008-02-22 08:40:20

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