Mortgage and Financial News From 2007-8-22 Page 10

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  • Reverse mortgage group changes code (AAP via Yahoo!7 Finance)

    The industry association representing reverse mortgage suppliers has changed its code of conduct to strengthen its "no negative equity guarantee" provision.
    2007-08-22 07:47:11

  • Reverse mortgage guidelines tightened (Australian Broadcasting Corporation)

    Lenders are moving to increase consumer protection for reverse mortgages.
    2007-08-22 06:42:46

  • Reverse mortgages? (The Marion Star)

    I have been getting several calls over the past couple weeks from folks who have questions on reverse mortgages. Let's take a few minutes and discuss how a reverse mortgage works and if it may be right for you.
    2007-08-22 03:04:55

  • Egco to borrow B5bn from BBL, SCB to refinance debts

    Bangkok Post - Electricity Generating Plc (Egco Group) plans to secure five billion baht in loans to refinance short-term debts, with Bangkok Bank and Siam Commercial Bank acting as core lenders. President Visit Akaravinak said the planned borrowings would occur in ...
    2007-08-21 06:49:00

  • State foreclosure rate down, but U.S. on rise

    Chicago Sun-Times - California, Florida, Michigan, Ohio and Georgia accounted for more than half of all homes facing foreclosure in July as property owners with adjustable-rate mortgages saw their payments rise and were unable to refinance, RealtyTrac Inc. reported ...
    2007-08-22 08:54:00

  • Quality lenders ensnared in crisis

    Globe and Mail - Thornburg said yesterday that it sold $20.5-billion of securities at about 95 cents on the dollar to pay down commercial paper it couldn't refinance. Aladdin wasn't forced to immediately shutter Ottimo because the firm exercised an option to extend ...
    2007-08-22 12:43:00

  • Letters of August 22

    Newsday - This $100-million program will help homeowners at risk of foreclosure refinance their mortgages so they can keep their homes. But it will not be funded by taxpayer dollars. Rather, investors in the capital markets who invest in these mortgages ...
    2007-08-22 12:36:00

  • Mortgage Lender Insolvencies Due To Bad Credit Are Nearing An End ...

    Forbes - When home prices decline, borrowers with high CLTV ratios no longer can sell their homes or refinance to cure a delinquency. The study found that most of the time, the high-CLTV lenders were the same firms that catered to borrowers with credit history ...
    2007-08-22 01:40:00

  • Reigning Foreclosures Create the Perfect Storm

    OpEdNews.com - ... ARMs have a ‘balloon payment’ – You may have a 30-year loan and for the first 10 years your payment remains the same, but at the end of 10 years a ‘balloon’ or full payment of the balance outstanding is due. Your option is to refinance and ...
    2007-08-22 02:44:00

  • Nevada leads sharp rise in U.S. foreclosures

    US News and World Report - So, they overspend, they accumulate credit card debt, refinance to eliminate credit card debt and the cycle repeats itself." The national foreclosure rate in July was one filing for every 693 households, RealtyTrac said. "While 43 states experienced ...
    2007-08-22 02:09:00

  • Tchenguiz to restart Somerfield debt talks

    Times Online - Robert Tchenguiz, the billionaire property tycoon and major Sainsbury's shareholder, will re-start talks with banks within two months to refinance £1.79 billion debt in Somerfield, the UK supermarket group. He acquired the retailer as part of a ...
    2007-08-22 11:53:00

  • Fedders North American Operations to Restructure Under Chapter 11

    MSN MoneyCentral - The proceeds from the financing, which is subject to Bankruptcy Court approval, will be used to refinance the company's senior secured revolver and term loan, to pay fees and expenses associated with the financing and for operating expenses ...
    2007-08-22 03:06:00

  • HSBC, ING, Lloyds TSB Say Debt Units Don't Need Direct Funding

    Bloomberg - More than 20 companies including San Francisco-based Luminent Mortgage Capital Inc. and Thornburg Mortgage Co. in Santa Fe, New Mexico, have been unable to refinance asset-backed commercial paper after rising U.S. subprime mortgage defaults led to a ...
    2007-08-22 01:54:00

  • Oman refiners plan to raise $1.37b to refinance debt ahead of merger

    Khaleej Times - NEW YORK — Oman Refinery Co. and Sohar Refinery Co., the Sultanate's two petroleum refiners, plan to borrow $1.37 billion to refinance old debt as the state-run companies prepare to merge. HSBC Holdings Plc, Oman Refinery's financial adviser, is ...
    2007-08-22 09:15:00

  • PORT WINS REFINANCE APPROVAL

    Curry Coastal Pilot - It was a night of big moves for the Port of Brookings Harbor as its commission officially approved a refinance package of its debt with the state, named a new executive director and ended the Byrtus easement issue. The commission unanimously approved ...
    2007-08-22 06:45:00

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