Mortgage and Financial News From 2007-9-21 Page 6

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  • Testimony: Chairman Ben S. Bernanke (BusinessWeek Online via Yahoo! News)

    Chairman (Barney) Frank (D-Mass.), Ranking Member (Spencer) Bachus (R-Ala.), and members of the Committee, I am pleased to appear before you to discuss the origins of the problems in the subprime-mortgage market and the response of the Federal Reserve to these developments. I will also discuss some possible legislative options for addressing these concerns.
    2007-09-21 05:08:42

  • Bay Area Complaints Pile Up Against Countrywide (CBS 5 Bay Area)

    The current mortgage crisis is prompting a lot of people to try to refinance their homes. But some tell CBS 5 Investigates that they received 'deals' they didn't want, and those deals now threaten their financial security.
    2007-09-20 06:59:00

  • Police Officer Reprimanded For Releasing Confidential Information (WFTV 9 Orlando)

    MAITLAND, Fla. -- A Maitland police officer has been reprimanded for allowing confidential police information to reach hundreds of residents. In May, police investigated claims that a man was approaching neighborhood kids.
    2007-09-21 02:26:26

  • Peter G. Miller: Fees for some who refinance are capped under a federal law (San Antonio Express-News)

    Q: I'm a licensed mortgage broker. This question was brought to my attention by another broker, and I need clarification. I'm not sure if they are interpreting incorrectly or if this is fact.
    2007-09-21 12:14:00

  • Northern Rock bounces on hedge fund buy

    Times Online - Home Retail Group, owner of Homebase, was also hurt by sentiment over the housing market, off 1.5 per cent to 368.25p.Alliance & Leicester lost 0.7 per cent to 750p after it raised mortgage rates for its tracker mortgages. The London Stock Exchange ...
    2007-09-21 03:20:00

  • Ross to Buy American Home Unit, Expand in Mortgages (Update3)

    Bloomberg - The shakeout in the mortgage industry may last another year, Ross said. He expects default rates to rise to 3 percent in early 2008 and to 4 percent to 5 percent by the end of next year. At the end of the second quarter, 1.4 percent of all U.S ...
    2007-09-21 01:35:00

  • CALIFORNIA ASSOCIATION OF REALTORS(R) Applauds Passage of H.R. 1852 ...

    Forbes - The act, introduced by Congresswoman Maxine Waters (D-Calif.), modernizes the FHA mortgage insurance program, providing American homeowners with safe, affordable mortgage alternatives that are fairly priced without resorting to teaser rates or ...
    2007-09-21 03:01:00

  • Vicarious living through friends abroad

    Bowdoin Orient - For the past couple of weeks, there's been a small influx in my inbox. Not the bulk e-mails selling low mortgage rates, or ads for Viagra with the subject heading, "See What Tiffany Really Wants." These are friendly e-mails from familiar faces ...
    2007-09-21 10:01:00

  • US housing finance industry suffers record layoffs

    Reuters - In recent months, subprime, or less credit-worthy, borrowers have been defaulting on their home loans at an expanding pace as their mortgage interest rates reset higher. This is hurting lenders and has set off a wider credit scare in financial ...
    2007-09-21 03:23:00

  • Fitch Rates Idaho Housing & Finance Authority's $60MM 2007I Bonds

    Forbes - Fitch Ratings has assigned the following ratings to Idaho Housing and Finance Association's (the association) single-family mortgage bonds, 2007 series I: -- $24 million class I variable-rate bonds 'AAA/F1+'; -- $25.2 million class I fixed-rate bonds ...
    2007-09-21 01:43:00

  • Fed's Kohn Says He's `More Persuaded' on Price Target (Update2)

    Bloomberg - Bernanke told lawmakers yesterday that he attributed the low mortgage rates that fueled the housing industry to ``the long- term rates determined in international capital markets,'' not to Fed policy. At the same Bundesbank conference today ...
    2007-09-21 11:55:00

  • UPDATE 1-Home price falls hit 26 pct U.S. homeowners-survey

    Reuters - While the Federal Reserve's half-percentage-point interest rate cut on Tuesday would help homeowners whose mortgage rates are about to reset, shrinking home values and tougher credit requirements would overwhelm the positive impact from cash-out ...
    2007-09-21 09:46:00

  • Credit squeeze threat to mortgage rates

    The Australian - THE global credit crunch may have eased, but stubbornly high bank funding costs are still pushing Australia towards a broad-based hike in variable home loan rates outside the Reserve Bank cycle. The first move comes with Challenger Financial Services ...
    2007-09-21 07:37:00

  • London shares close up; Northern Rock surges in late trade on bid ...

    CNN Money - ... holding period required, many were taking the risk that a short-term punt would be profitable However, Alliance & Leicester which opened higher finished off 18 at 737 as it became the latest mortgage lender to increase some of its mortgage rates as a ...
    2007-09-21 11:27:00

  • Mortgage Rates Rise

    The Ledger - Rates on 30-year mortgages, after dropping to their lowest point in four months, edged up this week. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.34 percent this week, up slightly from last week's ...
    2007-09-21 02:51:00

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