Mortgage and Financial News From 2008-3-15 Page 13
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Treasuries Rise as Bear Stearns Rescue Heightens Credit Concern
Bloomberg - The yield spread on a Credit Suisse index of mortgage, auto and credit card rates compared with five-year Treasuries has widened to 400 basis points, surpassing the high seen during the economic slowdown of 2001 through 2003.
2008-03-15 06:39:00 -
U.S. mortgage mess creeps north
Globe and Mail - MoneyConnect warned in December that it would not approve more loans until further notice while it pursued new sources of funds. "Although the quality of mortgage credit in Canada continues to remain extremely strong and has not been a contributing ...
2008-03-13 04:54:00 -
CNY housing market escapes crisis
Syracuse Post-Standard - As banks have redirected mortgage money away from subprime loans to safer conventional mortgages, interest rates have fallen, making homes more affordable, he said.
2008-03-15 03:47:00 -
Fed announces further steps to ease credit crunch
Eagle-Tribune - They would pledge other securities — including federal agency residential-mortgage-backed securities, such as those of mortgage giants Fannie Mae and Freddie Mac — as collateral for the loans of Treasury securities.
2008-03-15 03:11:00 -
Homebuyer protection bills pass Pa. Senate
Cumberland County Sentinel - HARRISBURG, Pa. (AP) — The state Senate on Tuesday unanimously passed a package of mortgage-reform bills in an effort to prevent a replay of the current subprime crisis in which people are losing their homes as the interest rate on their loans soar ...
2008-03-11 05:57:00 -
Paulson: Time to toughen rules on mortgage brokers
Reuters - Paulson said state and local regulators need to toughen oversight of all mortgage originators. Sloppy lending practices including loans made to homeowners with no requirement of proof of income are widely blamed for a soaring tide of foreclosures ...
2008-03-13 07:46:00 -
Federal Reserve Chief Pledges Help for Strapped Homeowners
The Ledger - ... closely to steps the Fed is taking to prevent prospective homebuyers from getting burned in the future when they take out a mortgage. On this front, the Fed has a proposal that would restrict lenders from penalizing risky borrowers who pay loans off ...
2008-03-15 02:50:00 -
HUD calls for greater mortgage disclosure
Philadelphia Inquirer - WASHINGTON - Prospective home buyers would get easier-to-understand information on mortgage terms and save an estimated ... Fed already was taking. The Fed has a proposal that would restrict lenders from penalizing risky borrowers who pay loans ...
2008-03-14 11:58:00 -
Lawsuit by city targets lender
Baltimore Sun - Wells Fargo, one of the two largest mortgage providers in the city since 2004, made 1,285 loans a year totaling more than $600 million from 2004 through 2006.
2008-03-14 10:47:00 -
This big rescue may be just the beginning
Los Angeles Times - That alchemy reached its zenith with sub-prime mortgages -- loans to people with dubious credit. Even as investors poured hundreds of billions of dollars into sub-prime-mortgage bonds from 2003 to 2006, there were ample warnings that many borrowers ...
2008-03-15 05:42:00 -
Bear Stearns crisis fuels credit fears
News.com.au - THE near-collapse of US investment giant Bear Stearns and its Federal Reserve bailout has heightened fears that the ... 1. Now we're selling off the family jewels 2. US economy loses its No 1 spot 3. Eddy Groves sued over loans 4. Mortgage stress hits rich 5 ...
2008-03-15 04:23:00 -
Simplifying mortgage papers
Lexington Herald-Leader - Addressing a fundamental cause of bad home loans that are now crippling the national housing market, the Department of Housing and Urban Development on Friday proposed a new standard to force lenders to explain clearly to borrowers, on a single page ...
2008-03-14 11:51:00 -
On day of Bear bailout, economy's cracks widen
San Francisco Gate - The Fed is so concerned that it's taking steps to unlock credit markets never previously taken in its 95-year history, such as accepting mortgage securities as collateral on loans to financial institutions.
2008-03-15 02:50:00 -
UMD director says student loans in danger
HometownAnnapolis.com - The other major federal program, the Direct Student Loan Program, makes the other 20 percent of loans straight from the Department of Education. The problems in mortgage banking have led to credit deteriorating across the municipal bond and commercial ...
2008-03-15 03:04:00 -
Piggyback loans more costly
Herald Tribune - A piggyback is a second mortgage taken out at the same time as a first mortgage, as a way of borrowing a larger total amount. The first mortgage is for 80 percent of property value, and therefore does not require mortgage insurance, while the ...
2008-03-15 03:19:00