Mortgage and Financial News From 2007-10-6 Page 17
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Baby Steps
Waterloo Cedar-Falls Courier - Most people will try to get money from family members or from other grants or will take out second mortgages or high-interest loans to be able to have a family." The run is one of two annual events that benefit the Potter's Hands, which directs 100 ...
2007-10-05 10:05:00 -
Merrill writes off $5.5bn as turmoil grows
Daily Telegraph - The first, in sub-prime mortgages and collateralised debt obligations (CDOs), where Merrill is writing down an estimated $4.5bn. The second is Merrill's leveraged finance book, where it is writing down loans worth an estimated $967m – or $463m ...
2007-10-05 06:34:00 -
Mortgage woes drag down Sovereign Bancorp's 3rd quarter profits
San Diego Union-Tribune - The Philadelphia-based thrift is increasing its provision for credit losses to between $155 million and $165 million, from $51 million in the second quarter. Sovereign said it stopped making these correspondent home equity loans in early 2006 and ...
2007-10-05 12:57:00 -
DIY can damage your chance of a sale
This is Money - Mortgages & homes - Mortgage features ... Many homeowners are likely to be having second thoughts about moving house as mortgage lenders scrap cheap deals in the ...
2007-10-05 08:57:00 -
Merrill Will Report Third-Quarter Loss on Writedowns (Update9)
Bloomberg - The world's largest banks and securities firms have reported credit and market losses of at least $21 billion after defaults on subprime mortgages -- which reached a five-year high in the second quarter -- contaminated securities backed by home loans ...
2007-10-05 04:54:00 -
Subprime lender sued under predator law
Boston Globe - The Massachusetts attorney general's office has sued Fremont Investment and Loan, once the state's second-largest subprime ... Superior Court, alleged Fremont paid rich commissions to a network of independent mortgage brokers who sold risky mortgages ...
2007-10-06 01:15:00 -
Holiday homes in the sun lose their shine
Daily Telegraph - The value of British holiday homes abroad has fallen by as much as 15 per cent in the past three months. Property is becoming increasingly unaffordable in Spain where most mortgages are variable rate loans A series of second home hot spots across the ...
2007-10-05 06:34:00 -
More big banks take charges on mortgages
Boston Globe - ... Washington Mutual Inc. , and Sovereign Bancorp Inc., yesterday became the latest banks to take big writedowns on mortgages and ... Sovereign, the second-largest thrift, roughly tripled its provision for credit losses sequentially to $155 million to $165 ...
2007-10-05 11:49:00 -
Try eastern Europe for better property value (FT.com via Yahoo! News)
Buy-to-let investing in this country does not look particularly appealing as property prices and mortgage rates are high. So, if you are keen to plough money into a second property for the purpose of letting, you might want to consider a flat in Estonia, Poland or Bulgaria as an alternative.
2007-10-05 06:50:12 -
Merrill to write down $5.5 bln (Reuters via Yahoo! News)
Merrill Lynch & Co said on Friday it would write down $5.5 billion for bad bets on subprime mortgages and leveraged loans, becoming the only major Wall Street brokerage to take a loss from turmoil in the credit markets.
2007-10-05 12:45:54 -
Merrill and Wamu join lengthening list of warnings (Reuters via Yahoo! News)
Merrill Lynch & Co , Washington Mutual Inc and Sovereign Bancorp Inc on Friday became the latest banks to take big writedowns on mortgages and other credit-related losses, but their shares rose on hopes the worst was over.
2007-10-05 12:54:31 -
Merrill Lynch burned by mortgages (The Salt Lake Tribune)
NEW YORK - Merrill Lynch, an icon of Wall Street, felt the suffering of Main Street on Friday. Merrill invested heavily in bonds backed by home loans, a market that exploded in size in the last two years, but when that market went sour this summer, it hurt Merrill and its
2007-10-05 11:06:19 -
Business briefs: Rates on 30-year mortgages fall (Sarasota Herald-Tribune)
WASHINGTON -- Freddie Mac, the mortgage company, reported that 30-year, fixed-rate mortgages averaged 6.37 percent this week, down from 6.42 percent last week. After hitting a high for this year of 6.73 percent in mid-July, rates have been trending lower. Rates on 15-year fixed-rate mortgages averaged 6.03 percent this week, down from 6.
2007-10-05 11:59:04 -
Home sales down 31 percent in Snohomish County
Everett Herald - Experts say the county's real estate market has undergone a correction, with prices rising only ... Scott Real Estate, noted the nation's "turbulent mortgage market" is hurting sales. But he noted that "interest rates are still low, the local economy is ...
2007-10-05 11:56:00 -
Cambridge Provides $19.2 Million Insured Loan to Refinance Naperville ...
PR.com - ... October 06, 2007 --( PR.com )-- Cambridge Realty Capital Companies has provided a $19.2 million FHA-insured first mortgage ... Davis said the funding package includes an 18-month interest-only construction loan plus a 40-year fully-amortizing permanent ...
2007-10-05 11:56:00