Mortgage and Financial News From 2008-2-28 Page 2

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  • Gordon Brown's long boom ending with recession is a real possibility

    Daily Telegraph - But the unregulated predatory lenders - the sale and leaseback merchants and the consumer credit companies who take second charge mortgages - must be brought under mortgage regulation.
    2008-02-27 07:47:00

  • FBI: Folsom Man Admitted Investment Fund Fraud

    KXTV News10Net - The court documents highlight three investors, including a 70-year-old Sacramento woman who took second mortgages on two homes to invest $425,000.
    2008-02-27 03:53:00

  • Freddie Falls Further

    Forbes - Freddic Mac, the second largest buyer and backer of home mortgages in the U.S., said Thursday that it posted $3.1 billion in losses in 2007, or $5.37 a share, versus earnings of $2.3 billion, or $3 a share, in 2006.
    2008-02-27 03:53:00

  • HBOS profits hit by downturn in credit markets

    Times Online - In retail banking, margins fell by 0.12 per cent, “reflecting the competitive pressures on mortgages in the first half and the increased costs of wholesale funding in the second half
    2008-02-27 02:10:00

  • ROUNDUP HBOS FY profit falls, margin woe sends shares lower

    CNBC - The main driver of this reduction was in the core retail business where margins fell 12 basis points, reflecting competitive pressure on mortgages in the first half and the increased costs of wholesale funding in the second half.
    2008-02-27 05:23:00

  • HBOS shares plunge 10%

    Guardian Unlimited - In the first six months of 2007, Halifax lost out in the mortgage market to Northern Rock with its share of mortgages slumping to 8% but by the second half its share of new lending was 22%, close to its historic highest position in the market.
    2008-02-27 03:07:00

  • United Overseas Bank Profit Falls on CDO Provisions (Update1)

    Bloomberg - Feb. 27 (Bloomberg) -- United Overseas Bank Ltd., Singapore's second-largest bank by assets, said fourth-quarter profit fell 6 percent after writing down the value of investments tied to U.S. subprime mortgages. Net income fell to S$506 million ($361 ...
    2008-02-26 10:14:00

  • RBS chief says no more acquisitions

    Daily Telegraph - Shareholders are concerned about Sir Fred's acquisitive ambitions for Britain's second largest bank but he attempted to ... RBS disclosed a further £2.2bn of exposure to US Alt-A mortgages - a notch above sub-prime - and £8.8bn of commercial ...
    2008-02-28 03:45:00

  • Bank profits below City forecasts

    Guardian Unlimited - The bank captured 22% of new mortgages in the second half of last year but said it would put profitability ahead of market share in future. HBOS said:
    2008-02-26 11:47:00

  • Bill to focus on easing penalty for paying off mortgages early

    Louisville Courier-Journal - There is no maximum fee for a first mortgage in Indiana, but there is a 2 percent limit on second mortgages, and legislators recently have discussed tougher overall rules.
    2008-02-27 02:32:00

  • Banks in crisis cut lines of credit

    The Washington Times - Consumers from Los Angeles to Washington, D.C., Miami to Detroit are facing unexpected difficulties as banks stung by losses on defaulting second mortgages are shutting off credit lines and turning down home-refinancing applications, citing falling ...
    2008-02-28 09:43:00

  • Reports Reflect Bleak Housing Picture

    FOX News - ... mortgage credit becomes available." Right now, only the most creditworthy qualify for mortgages. Lenders started to keep a tight leash on credit after homeowners started losing their houses to foreclosures at an increasingly rapid rate as interest ...
    2008-02-25 03:56:00

  • Making Sense Of The World's Biggest Market

    Forbes - Imagine agreeing to pay 6% interest on a loan for the next 10 years only to watch prevailing rates fall to 3%--ouch! ... While not nearly as opaque as some of the dicey mortgage-backed securities that have gotten many of the ...
    2008-02-27 03:53:00

  • South African Inflation Unexpectedly Quickens to 8.8% (Update1)

    Bloomberg - We see the peak in inflation in March only, and a drop into the target in the first quarter of next year,'' Adenaan ... Core inflation, which excludes mortgage interest and some food items, accelerated to 8.1 percent from 7.8 percent.
    2008-02-27 01:56:00

  • Fannie Mae Posts Nearly $3.6B Loss in 4Q

    Forbes - ... its fourth-quarter losses were tied to hedging investments it made based on the assumption that falling interest rates would cause mortgage ... Most experts say the decline won't hit bottom for another year and only after excess inventory is sharply ...
    2008-02-27 10:24:00

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