Mortgage and Financial News From 2007-9-21 Page 3

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  • Russian Standard Bank stops cash loans (FT.com via Yahoo! News)

    Russia's leading consumer lender Russian Standard Bank has stopped issuing cash loans to customers, as refinancing costs soar due to the global credit crunch.
    2007-09-21 12:00:33

  • HSBC Finance to close subprime mortgage unit (Crain's Chicago Business)

    (AP) -- Prospect Heights-based HSBC Finance Corp., a unit of HSBC Holdings Plc., said Friday it will close its wholesale mortgage lender Decision One Mortgage. Decision One originates subprime mortgages through brokers. Subprime mortgages are loans given to customers with poor credit. Banks and ...
    2007-09-21 11:57:27

  • One sentenced, one pleads guilty in mortgage fraud cases (AccessNorthGA)

    A Florida man found guilty earlier this year in a scheme that authorities said involved more than $112 million in fraudulent mortgage loans was sentenced on Friday to serve 28 years in federal prison.
    2007-09-21 11:49:04

  • Mortgage meltdown marks false real-estate economy (Fort Worth Business Press)

    The Perfect Storm is still gaining strength as we’ve yet to see the peak of a colossal meltdown in the lending industry. During a 10-year span, mortgage investors have been extremely aggressive in creating niche mortgage loans to accommodate just about every possible homebuyer in the market.
    2007-09-21 04:27:36

  • Bush backs government backing of 'jumbo' loans (Atlanta Journal-Constitution)

    WASHINGTON — The Bush administration Thursday supported letting two government-sponsored mortgage giants buy and sell "jumbo" mortgages, a move that could boost housing markets in expensive locales. Treasury Secretary Henry Paulson told the House Financial Services Committee that the White House now would support giving Fannie Mae and Freddie Mac the power to buy and sell high-value loans. ...
    2007-09-21 06:38:15

  • Banks start raising mortgage interest rates (Chinapost.com.tw)

    TAIPEI, Taiwan -- Bank SinoPac and Taishin International Bank took the lead to raise their interest rates for mortgage loans to reflect the higher capital cost after the Central Bank of the Republic of China (Taiwan) -- CBC -- increased its benchmark interest rate for financial institutions starting yesterday.
    2007-09-21 07:15:22

  • Stocks close in negative territory

    News.com.au - ... territory amid uncertainty about the health of the American economy despite this week's half a percentage point interest rate cut ... 6. Parents accept drug joke apology 7. Two students shot on university campus 8. Police hunt for university gunman 9. Prime ...
    2007-09-21 01:21:00

  • Group Aims To Protect Latino Borrowers

    Washington Post - ... number has edged up slightly in recent years, it's still well below the 75 percent homeownership rate ... Nearly 50 percent of Latino homeowners who have subprime mortgages, which carry higher interest rates, would have qualified for a prime loan, the ...
    2007-09-21 06:57:00

  • TODAY'S EDITORIAL: Let Bulls Run, But

    Times of India - ... the world, surged past 16,000 after the US Federal Reserve cut interest rates by 50 basis points, it naturally delighted market optimists. The rate cut is expected to lift demand in the US economy, hit by asset erosion in the wake of the sub-prime ...
    2007-09-21 01:28:00

  • Mortgage stress growing nationwide

    News.com.au - Austrailans have been slapped with nine interest rate rises in five years and times are getting tough. Belts are tightening. "Not ... But most see Australia's economy as remaining strong despite global shocks emanating from the US sub-prime lending woes. ...
    2007-09-21 04:13:00

  • Corporate bond issuance suddenly returns after dramatic Fed rate cut

    CNBC - ... stimulate the economy with a dramatic half-percentage point cut in benchmark interest ... followed the Tuesday announcement of the first reduction in the Fed funds rate in ... market all but dried up in early August as investors, rattled by the below-prime ...
    2007-09-21 11:27:00

  • Australian dollar 'can ride commodities' to $US1

    News.com.au - Our dollar is now a full US8c above its level during the dip seen on August 17, when the Australian share market was being hammered by sub-prime nerves. The Australian dollar, with its relatively high rate of interest, has been thrown around by the ...
    2007-09-21 07:26:00

  • US stocks extend rate-cut rally

    News.com.au - ... upbeat corporate earnings reports, building on this week's powerful rally celebrating a long-sought Federal Reserve interest rate ... lands Virgin in court 2. Google founders among richest 3. House prices under scrutiny 4. Country bans Idol shows from prime ...
    2007-09-21 03:08:00

  • Macroview: Implications of Fed rate cut for India

    Hindustan Times - Last Wednesday, the US Federal Reserve cut its key interest rate by 0.5 percentage points for the first time in four years. That was done to prevent the sub-prime mortgage crisis and the housing bubble from developing into a full-scale recession. In ...
    2007-09-21 11:34:00

  • Fed's Rate Cut Won't Help Consumers Who Need it the Most

    FOX News - If a consumer is paying 8.25% interest on a $100,000 loan that is based on the prime rate — such as a home-equity line — a rate reset to 7.75% is likely. That's the difference of about $500 a year, or roughly $41.66 a month in interest charges. ...
    2007-09-21 01:28:00

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