Mortgage and Financial News From 2007-8-22
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Ariz.-based finance firm to lay off 541, shut mortgage unit (12 News Phoenix)
The widening mortgage slump hit the Valley again Tuesday as one of Arizona's largest financial firms announced the layoffs of 541 people.
2007-08-22 03:12:06 -
Ariz.-based finance firm to lay off 541, shut mortgage unit (The Arizona Republic)
One of Arizona's largest financial firms will cut the number of workers in the mortgage unit to about 130, primarily in Tempe.{l} Russ Wiles' blog
2007-08-21 11:58:06 -
The Blame Game and the Subprime Mortgage Lending Meltdown (Insurance Journal)
The subprime mortgage lending blame game is in full swing -- with people arguing about whoʼs at fault for mortgage defaults, bond losses and lender failures -- but "weʼre only in the very top of the fir
2007-08-22 05:17:43 -
Will subprime turmoil hit UK mortgages?
This is Money - Homeowners have been left baffled by mixed messages from the mortgage market, with the cost of some loans falling while warnings are sounded that others will rise. The confusion has arisen as some lenders are raising rates at the same time as others ...
2007-08-22 03:53:00 -
Help for mortgage lenders from Federal Home Loan Bank
Seattle Post Intelligencer - WASHINGTON -- The Federal Home Loan Bank system has increased low-cost lending to financial institutions in an effort to bolster credit stability. As the housing crisis worsens and the Federal Reserve has swooped into the market to ensure liquidity ...
2007-08-20 12:56:00 -
Aid for homeowners urged
Los Angeles Times - Lawmakers and lenders called on the state's troubled home mortgage industry Tuesday to step up efforts to help financially strapped Californians avoid losing their homes to foreclosure. But they stopped well short of endorsing calls from consumer ...
2007-08-22 04:50:00 -
Mortgage mess complicates home buying
Miami Herald - As world financial markets reel from a spreading credit crisis sparked by the meltdown of subprime loans and liquidity problems at lenders such as Countrywide Financial -- the largest mortgage lender in the nation and Miami-Dade County -- South ...
2007-08-22 04:07:00 -
Mortgages: Smaller Banks Smell Blood
BusinessWeek - Now with the secondary market frozen and many mortgage lenders falling by the wayside, interest rates are changing and mortgages are becoming more profitable. Customers are also seeing local banks as a more reliable lender. "Borrowers are coming to ...
2007-08-22 06:02:00 -
Mortgage Mess Toll Rises
Street.Com - First National Bank of Arizona has become the latest casualty in the mortgage collapse that is gripping U.S. lenders. The privately held bank has shuttered its wholesale mortgage lending division, according to mortgage brokers who have spoken with ...
2007-08-21 10:17:00 -
Banks ready for 'old way' of business
Boston Globe - The bank had the sixth-largest market share among Massachusetts mortgage lenders in 2006, according to Warren Group, a Boston real estate research and publishing firm. But Alan Pasnik, a Warren Group analyst, cautioned it may be too early for data to ...
2007-08-22 06:09:00 -
What you can do as wary lenders tighten the rules
Boston Globe - So how hard is it to get a mortgage? Here are some answers to questions prospective home buyers may have about borrowing money at time when a credit crisis threatens to hurt the housing market and economy. Q What does it mean when companies say they ...
2007-08-22 06:09:00 -
Mortgage lenders reject 'flawed' Hip search
Times Online - Mortgage lenders dealt another blow to the Government’s troubled implementation of home information packs yesterday by giving warning that they might not accept a crucial part of the reports. HSBC, one of the biggest lenders, said it would insist ...
2007-08-22 12:54:00 -
Mortgage Lender First Magnus Files Chapter 11
CNBC - First Magnus Financial , one of the largest independent U.S. mortgage lenders, filed for Chapter 11 bankruptcy protection on Tuesday, the latest home loan provider to collapse as the housing market slumps and credit crisis widens. The privately-held ...
2007-08-22 04:43:00 -
Mortgage lenders reject 'flawed' Hip search (Times Online)
Mortgage lenders dealt another blow to the Government’s troubled implementation of home information packs yesterday by giving warning that they might not accept a crucial part of the reports.
2007-08-22 12:50:17 -
Mortgage Choice predicts lenders will up interest rates (Australian Broadcasting Corporation)
Leading mortgage broker Mortgage Choice expects more Australian home lenders to raise interest rates as a result of the US credit market shake-out.
2007-08-22 04:14:07