Mortgage and Financial News From 2007-9-18 Page 6

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  • Joffrey Long: Loan Officers Gearing up for Reverse Mortgages (PR Newswire via Yahoo! Finance)

    With the huge falloff in loan volume for most types of loan products, reverse mortgages are getting increased attention from the mortgage industry.
    2007-09-18 09:45:00

  • E-Trade to Restructure on Credit Worries

    Washington Post - Really what is going on right now is your second mortgages, home equity lines of credit, and installment loans. That's really the issue where the market is deteriorating." The brokerage has been expanding in recent years beyond just online trading ...
    2007-09-17 03:27:00

  • Commerzbank Says Subprime Loss Will Be EU80 Million (Update1)

    Bloomberg - Sept. 18 (Bloomberg) -- Commerzbank AG, Germany's second- biggest lender by assets, forecast losses related to U.S. subprime mortgages of 80 million euros ($111 million) this year, refuting a report by Reuters. The Frankfurt-based bank said it has no ...
    2007-09-18 04:56:00

  • Lehman sheds light on Wall Street strategy

    MSN MoneyCentral - ... direct market information to apply and the most management judgment required, was likely to have risen to 10 or 11 per cent at the end of the quarter, compared with 8 per cent at the end of the second quarter. The bulk of that relates to mortgages. ...
    2007-09-18 02:36:00

  • Lehman Beats Estimates as Equities Offset Mortgages (Update1)

    Bloomberg - The subprime mortgage market ground to a halt after U.S. foreclosures rose to a record high in the second quarter. Lehman, which is cutting about 2,000 mortgage-related jobs, makes money lending to homeowners and packaging mortgages into bonds ...
    2007-09-18 06:29:00

  • US home builder shares soar

    News.com.au - But the housing market has worsened since the second quarter, as trouble that began with subprime mortgages - given to buyers with weak credit histories - spilled over into the broader mortgage market. Beazer Homes USA Inc CEO Ian McCarthy said the ...
    2007-09-18 04:59:00

  • Lehman sheds light on Wall St strategy

    Financial Times - The proportion of assets categorised as level 3, where most management judgment is required, was likely to have increased to 10 or 11 per cent compared with 8 per cent at the end of the second quarter. The majority of that was mortgages. Mr O’Meara ...
    2007-09-18 05:35:00

  • Central Banks Lack Tools to Fix `Panic of '07,' Moody's Says

    Bloomberg - Foreclosures set a record in the second quarter and overdue payments on U.S. subprime mortgages rose to the highest level in five years, according to the Mortgage Bankers Association. Moody's itself, as well as Standard & Poor's and Fitch ...
    2007-09-18 04:38:00

  • Impac Mortgage, NovaStar Financial To Skip Dividends Due to Turmoil

    Wall Street Journal - Impac said it doesn't expect to pay dividends on its common stock for the rest of the year because of losses on mortgages and securities. The Irvine, Calif., company said in June it wouldn't pay a second-quarter dividend because of losses from ...
    2007-09-18 05:07:00

  • Bank of England Makes Emergency Loans to U.K. Banks (Update3)

    Bloomberg - The last time the central bank rescued a U.K. lender was after the 1973 collapse of Cedar Holdings, a pioneer of second mortgages. The central bank said it received bids totaling 25.5 billion pounds for today's money-market operation and it ...
    2007-09-18 05:46:00

  • Spotlight on UK mortgages

    Boston Globe - The United Kingdom has the largest mortgage market in the European Union, with 11.7 million mortgages worth $2.2 trillion ... Since then, the percentage of variable rate loans has plummeted -- it was about 2 percent in the second quarter, according ...
    2007-09-18 02:08:00

  • Fed Makes Bold Cut in Key Rate

    NPR News - Often they do so by getting second mortgages on their homes. So the question of whether the Fed lowers interest rates on Tuesday — and by how much — is a practical concern for him. "Some folks think a quarter point will kind of stem the flow and a ...
    2007-09-18 03:12:00

  • Lehman Beats Estimates, Limits Losses on Mortgages (Update6)

    Bloomberg - The subprime mortgage market ground to a halt after U.S. mortgages entering foreclosure rose to a record high in the second quarter. Lehman, which is cutting about 2,000 mortgage- related jobs, makes money lending to homeowners and packaging ...
    2007-09-18 03:26:00

  • CCB cautious on China economy (FT.com via Yahoo! News)

    China Construction Bank, the country's second largest lender, is taking a cautious line on China's economy and is reducing its exposure to an overheating property market, the bank's chairman told the Financial Times.
    2007-09-18 02:16:06

  • Lehman Beats Estimates as Equities Offset Mortgages (Update1) (Bloomberg.com)

    Sept. 18 (Bloomberg) -- Lehman Brothers Holdings Inc., the largest U.S. underwriter of mortgage-backed bonds, reported profit that beat analysts' estimates after limiting losses on home loans and leveraged-buyout financing.
    2007-09-18 06:04:51

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