Mortgage and Financial News From 2007-8-22 Page 15

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  • Wells Fargo Gorges on Mark-to-Make-Believe Gains: Jonathan Weil

    Bloomberg - Beware the second kind. Last quarter Wells Fargo reported record net income of $2.28 billion, up 9 percent from a ... These assets, known as MSRs, consist of rights to collect fees from third parties in exchange for keeping mortgages current ...
    2007-08-22 07:49:00

  • After 51-day stall, Senate OKs budget

    Los Angeles Times - We have people taking out second mortgages and laying off staff because of this," said Missaelides, executive director of the California Assn. for Adult Day Services. The budget passed a day after the Legislature reconvened after a summer recess. The ...
    2007-08-22 06:52:00

  • German landesbank faces subprime exposure

    International Herald Tribune - Ormond Quay invests in securities backed by residential mortgages, commercial property and credit cards. The lender, based in Leipzig, is the second German bank after IKB Deutsche Industriebank to get funding after a credit crunch prevented finance ...
    2007-08-22 06:45:00

  • Past-due loans at thrifts rise 50%

    Chicago Tribune - Delinquencies rose to 1.26 percent of single-family mortgages in the second quarter from 0.8 percent in the year ago-quarter. Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, research firm ...
    2007-08-22 06:52:00

  • Foreclosure gauge swells

    Charlotte.com - Loan types seeing higher delinquencies and defaults are home equity loans or second mortgages used to cover a down payment, subprime loans to people with shaky credit histories, and Alt-A loans, which can include interest-only and adjustable rate ...
    2007-08-22 06:16:00

  • U.S. MBA's Mortgage Applications Index Fell 5.5% Last Week

    Bloomberg - Adjustable-rate mortgages decreased to 18.6 percent of all applications from 21 percent a week earlier. Foreclosure notices rose 93 percent in July from a year ago, as property owners with adjustable-rate mortgages saw their payments rise ...
    2007-08-22 12:14:00

  • Filings soar 93% on foreclosures

    Baltimore Sun - Loan types seeing higher delinquencies and defaults in general are home- equity loans or second mortgages used to cover a down payment, subprime loans to people with shaky credit histories, and Alt-A loans, which can include interest-only and ...
    2007-08-22 10:34:00

  • SachsenLB Has EU3 Billion in Subprime, Person Says (Update4) (Bloomberg.com)

    Aug. 21 (Bloomberg) -- Landesbank Sachsen Girozentrale, the German state-owned bank getting emergency funding, has about 3 billion euros ($4 billion) in investments linked to U.S. subprime mortgages, according to a person with knowledge of the matter.
    2007-08-21 07:00:26

  • Foreclosures nearly double (Deseret Morning News)

    U.S. homes facing foreclosure almost doubled in July as property owners with adjustable-rate mortgages saw their payments rise and were unable to refinance because of the subprime crisis, RealtyTrac Inc. said.
    2007-08-22 06:11:54

  • Foreclosure gauge swells (The Charlotte Observer)

    A national index of foreclosure activity almost doubled in July compared to the same month last year, reflecting a dramatic increase in the number of people struggling to pay mortgages. The RealtyTrac index, based on legal filings related to foreclosure, rose 93 percent over July 2006. There is no official or reliable count of foreclosures in the United States. But every available indicator has ...
    2007-08-22 07:08:11

  • Wells Fargo Gorges on Mark-to-Make-Believe Gains: Jonathan Weil (Bloomberg.com)

    Aug. 22 (Bloomberg) -- There's the kind of earnings investors can take to the bank. And then there's the kind the bank can show to investors. Word to Wells Fargo & Co. investors: Beware the second kind.
    2007-08-22 09:26:04

  • Pound falls on subprime concerns (International Herald Tribune)

    The pound dropped Tuesday against the dollar and the euro on concern that the credit-market crisis was spreading to Britain, Europe's second-biggest economy, after Germany.
    2007-08-22 06:42:22

  • German landesbank faces subprime exposure (International Herald Tribune)

    Landesbank Sachsen Girozentrale, the state-owned bank getting emergency funding, has about €3 billion in investments linked to U.S. subprime mortgages, according to a person with direct knowledge of the matter.
    2007-08-22 06:43:53

  • Rising rates on biggest mortgages (Baltimore Sun)

    Jittery lending industry sets higher interest for pricier properties In this topsy-turvy lending environment, Wall Street is suddenly lumping purchasers of expensive homes together with low-income, shaky-credit homebuyers as risks to avoid.
    2007-08-22 07:48:43

  • WCI Reports Second Quarter 2007 Results (PrimeNewswire via Yahoo! Finance)

    BONITA SPRINGS, Fla., Aug. 22, 2007 -- WCI Communities, Inc. , a leading builder of traditional and tower residences in highly amenitized lifestyle communities, today reported its results for the second quarter of 2007.
    2007-08-22 12:30:29

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